Kenneth Nana Yaw Ofori-Atta, the minister of finance, has issued a warning that the International Monetary Fund (IMF) Executive Board’s approval of Ghana’s bailout request will not provide a quick fix to the current economic crisis.
“Ghana’s IMF Board approval is far from a magic solution,” Mr. Ofori-Atta stressed.
“What it is, however, is that it is a crucial first step on the necessary journey of strong reforms, inclusive growth and relentless pursuit of a growth agenda geared towards restoring our economy to a place of strength, prosperity and resilience.”
At a joint press conference held by the Fund following the Executive Board’s approval of the $3 billion support, the Finance Minister made her remarks.
On May 17, the approval was obtained, and a week later, the first tranche of $600 million was anticipated to be paid out.
According to a government official, the second installment of $360 is anticipated to arrive in November or December.
Mr. Ofori-Atta expressed appreciation to Ghana’s bilateral allies for seeing to it that the West African nation received the Executive Board’s blessing.
Managing Director Kristalina Georgieva congratulated President Nana Addo Dankwa Akufo-Addo immediately following Wednesday’s approval.
“Congratulations to President Nana Addo Dankwa Akufo-Addo and his team on the $3 billion IMF-supported program approved by our Executive Board,” she tweeted.
“We stand with Ghana as it implements reforms to address the current economic and financial crisis and help build a better future for all Ghanaians,” she assured.
Congratulations to President @NAkufoAddo & his team on the $3 billion IMF-supported program approved by our Executive Board.
We stand with Ghana as it implements reforms to address the current economic and financial crisis and help build a better future for all Ghanaians.
— Kristalina Georgieva (@KGeorgieva) May 17, 2023
Relatively, Ghana is anticipated to receive the first payment of $600 million from the $3 billion credit 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.
