Finance Minister, Mohammed Amin Adam, has announced that the second review of the $3 billion International Monetary Fund (IMF) programme will take place from April 2 to 12, 2024. This review is a crucial step in determining whether Ghana will receive the third tranche of the bailout.
During a press conference held after the Spring Meetings in Washington, Dr. Adam expressed confidence in the release of the third tranche once a Memorandum of Understanding (MoU) with external creditors is secured. He emphasized the government’s commitment to meeting the targets set by the IMF and highlighted the ongoing discussions with the Bretton Woods Institution to ensure compliance.
Dr. Adam also highlighted the importance of securing the MOU with external creditors, as this is a key requirement for releasing the third tranche of funds. He assured that negotiations have been fruitful and that Ghana is on track to receive approval for the $360 million tranche when the IMF Executive Board convenes in June.
Abebe Selassie, Director of the African Department at the IMF, announced that no further adjustments will be demanded from the Ghanaian government, signaling a positive outlook for the release of the funds. Dr. Selassie expressed optimism that ongoing discussions among official creditors will lead to a successful conclusion, facilitating the release of the third tranche of funds.
Overall, Ghana is making progress towards financial stability and meeting its obligations under the IMF programme. The government’s efforts in negotiating with creditors and meeting IMF targets are positioning the country to receive much-needed financial support to bolster its economic growth.
