All set for Ghana to receive the first tranche of IMF cash today – Ofori-Atta
Ghana is anticipated to receive the first payment of $600 million from the $3 billion loan facility of the International Monetary Fund on Friday, May 19, 2023, barring any last-minute hiccups.
On May 18, the IMF team and Ghana’s Finance Minister, Ken Ofori-Atta, held a press conference together.
“There is a $600 million release, and we will be working with the IMF to see if we can get it by tomorrow, and then we will move on to the next 6 months which will be another $600 million, and then we move on to about 5 different tranches every 6 months in the periods ahead,’’ Mr. Ofori-Atta said
On his part, governor of the Bank of Ghana (BoG) Ernest Addison also opined that “just for your information, we have had swift advice, today to receive the money. Value date tomorrow [May 19] $604 million’’.
On May 17, 2023, Ghana received the IMF’s final approval. To stabilize its economy, the West African nation is requesting a $3 billion Balance of Payments support.
More information on the agreement was provided in IMF press release 126.
The IMF stated in a statement that the government of Ghana had implemented a plan to tighten expenditure restrictions and limit the accumulation of arrears, which led to this acceptance of the accord.
In order to ensure that only projects that profit from authorized budgets and quarterly allotments can acquire procurement permits to award contracts, the Fund states that public procurement will be completely connected with the Ghana-connected Financial Management Information System (GIFMIS).
The Public Financial Management Act’s consequences would be more strictly enforced, according to a statement from the Fund, including fines for covered businesses that go above their budgetary allotments and allocations.
