Ofori-Atta: Ghana will meet criteria for second tranche of $3bn bailout

The government is optimistic about receiving the second tranche of the US$3 billion bailout from the International Monetary Fund (IMF).

Finance Minister Ken Ofori-Atta believes that Ghana will meet the criteria for the disbursement of the next US$600 million.

This assessment follows a recent visit by the Fund’s staff. The government expects to receive the second tranche in September 2023.

“Between cabinet and parliament, so far we’ve gone through the qualitative performance criteria. So, we expect that the review will go well in September to get a Staff-Level Agreement. We’ll go to the Board in November and we’re sure we can get it”, the Minister told journalists in Accra.

Mr Ofori-Atta added, “We had an IMF Staff visit about three weeks ago which went very well and we’re expecting that review in September.”

After the IMF programme was approved for Ghana, an immediate disbursement of US$600 million was made, with the remaining amount expected to be disbursed in tranches every six months, subject to programme evaluations agreed upon by the IMF Executive Board.

The IMF agreement comes at a time when Ghana is facing various economic challenges, including high inflation, a depreciating currency, and a widening budget deficit, all amid a worsening debt stock.