• Home
  • Politics
  • News
  • Business
  • Health
  • Entertainment
  • Sports
  • Lifestyle
  • Education
  • Opinion
Sunday, 28 May, 2023
  • Login
topfmonline.com
 
  • Home
  • News
  • Politics
  • Business
  • Entertainment
  • Health
  • Lifestyle
  • Sports
  • Education
  • Technology
  • Foreign
No Result
View All Result
topfmonline.com
No Result
View All Result
Home News

IMF likely to approve first $600m tranche for Ghana by Wednesday

Philip Akonor by Philip Akonor
May 15, 2023
in News
A A
0
Don’t touch our pension funds – CLOGSAG warns govt
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

Ghana expects the International Monetary Fund to approve a first loan tranche of $600 million as soon as Wednesday, paving the way for disbursement within a week, Minister of State in the Finance Ministry Mohammed Amin Adam told Reuters on Sunday.

Ghana is seeking $3 billion from the Fund to shore up its battered economy. On Friday, IMF Managing Director Kristalina Georgieva said Ghana’s official creditors had provided the necessary financing assurances for the IMF Executive Board to look at signing off on the loan.

“We expect a deal on Wednesday. With the disbursement, there is going to be $600 million as a first tranche just immediately after the approval,” Adam said by phone, adding that Ghana hoped to receive the funds within a week of the board’s decision.

He said a second tranche of $600 million is expected to be approved after a successful first review of the programme, sometime in November or December, with the rest disbursed in equal tranches of $360 million after semi-annual reviews.

The funds will boost Ghana’s coffers and help it work towards the target of foreign reserves amounting to the equivalent of three months of imports by 2026, he said.

Like some other smaller, riskier emerging markets including Sri Lanka and Zambia, Ghana faces a debt overhaul after its already strained finances buckled under the economic fallout from COVID-19 and Russia’s invasion of Ukraine.

Some $5.4 billion of debt to official creditors has been earmarked for restructuring, according to government data, as well as $14.6 billion of debt to private overseas creditors.

Adam said he expected negotiations with both sets of creditors to go well once the IMF signs off on the loan.

“Confidence is going to be restored and we expect that stakeholders will cooperate and will be encouraged to negotiate favourable terms with us,” he said, adding that the date for talks had not yet been set for either group.

Ghana has also turned to the World Bank as it fights to restore macroeconomic stability and end its worst economic crisis in a generation that has fuelled protests over the soaring cost of living.

Adam said the government was far along in talks with the World Bank to provide additional support of $900 million to be disbursed in three equal instalments of $300 million over three years.

“We are far advanced, almost concluding negotiations,” he said.

The World Bank has also agreed to support a financial sector stability fund with $250 million to help Ghana address the insolvency and liquidity challenges following a domestic debt exchange programme, which has affected some domestic banks.

Adam said the government was also in talks with the African Development Bank for over $100 million for the stability fund.

Related Posts

Ghana to review Gold-for-Oil as IMF proffers stricter monetary financing limits

Ghana to review Gold-for-Oil as IMF proffers stricter monetary financing limits

May 25, 2023
0
Gov’t’ll provide bulletproof vests, weapons to Forestry personnel to fight galamseyers – Jinapor

Gov’t’ll provide bulletproof vests, weapons to Forestry personnel to fight galamseyers – Jinapor

May 25, 2023
0
Source: citinewsroom
Previous Post

Ernest Norgbey wins NDC polls in Ashaiman constituency

Next Post

Fuel prices to decline in second pricing window of May – COPEC

Related Posts

Ghana to review Gold-for-Oil as IMF proffers stricter monetary financing limits
News

Ghana to review Gold-for-Oil as IMF proffers stricter monetary financing limits

May 25, 2023
0
Gov’t’ll provide bulletproof vests, weapons to Forestry personnel to fight galamseyers – Jinapor
News

Gov’t’ll provide bulletproof vests, weapons to Forestry personnel to fight galamseyers – Jinapor

May 25, 2023
0
National Security warns against misuse of arms
News

National Security warns against misuse of arms

May 25, 2023
0
No problem with Chinese involvement in Ghana’s economy – Nana Addo
News

No problem with Chinese involvement in Ghana’s economy – Nana Addo

May 25, 2023
0
We have enough food despite economic challenges – Akufo-Addo
News

We have enough food despite economic challenges – Akufo-Addo

May 25, 2023
0
Chief Justice nominee, Gertrude Torkornoo to be vetted on May 26
News

Chief Justice nominee, Gertrude Torkornoo to be vetted on May 26

May 25, 2023
0
Next Post
Fuel prices go up; currently selling at over GH¢13 per litre

Fuel prices to decline in second pricing window of May – COPEC

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

BROWSE BY CATEGORIES

  • Business
  • Education
  • Entertainment
  • Foreign
  • Health
  • Lifestyle
  • News
  • Opinion
  • Politics
  • Sports
  • Technology
  • Uncategorized

BROWSE BY TOPICS

2022 Budget Afghanistan akufo addo Amazon Apiate explosion apple AT&T Black Stars covid COVID-19 COVID 19 E-Levy facebook Fuel Ghana Police Service Google Government health Intel iphone Mahama Majority Microsoft Minority momo NDC news NLC NPP Nvidia OMICRON Parliament police Russia security South Africa Taliban tech Tesla twitter US UTAG vaccine vaccines Xinjiang

Recent Posts

  • Ghana to review Gold-for-Oil as IMF proffers stricter monetary financing limits
  • NaCCA orders withdrawal of controversial textbooks on Ghana’s history
  • Gov’t’ll provide bulletproof vests, weapons to Forestry personnel to fight galamseyers – Jinapor
  • US$3bn IMF deal ‘far from magic solution’ | Ofori-Atta: ‘It’s a crucial first step to emerge stronger’, restore our economy to ‘prosperity, resilience’
  • National Security warns against misuse of arms

Recent Comments

No comments to show.

RECENT NEWS

  • Ghana to review Gold-for-Oil as IMF proffers stricter monetary financing limits May 25, 2023
  • NaCCA orders withdrawal of controversial textbooks on Ghana’s history May 25, 2023
  • Gov’t’ll provide bulletproof vests, weapons to Forestry personnel to fight galamseyers – Jinapor May 25, 2023
  • US$3bn IMF deal ‘far from magic solution’ | Ofori-Atta: ‘It’s a crucial first step to emerge stronger’, restore our economy to ‘prosperity, resilience’ May 25, 2023

MAIN CATEGORIES

  • Business
  • Education
  • Entertainment
  • Foreign
  • Health
  • Lifestyle
  • News
  • Opinion
  • Politics
  • Sports
  • Technology
  • Uncategorized

Entertainment

Ghana lifts COVID-19 restrictions at all entry points
Health

Ghana lifts COVID-19 restrictions at all entry points

1 week ago
0
  • ABOUT US
  • CONTACT
  • ADVERTISE

© 2023 Top Media Group - Powered by BackUp Data Systems

No Result
View All Result
  • Home
  • Politics
  • News
  • Business
  • Health
  • Entertainment
  • Sports
  • Lifestyle
  • Education
  • Opinion

© 2023 Top Media Group - Powered by BackUp Data Systems

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In