The International Monetary Fund (IMF) expects to deliver the first tranche of cash to Ghana this week, according to Mohammed Amin Adam, Ghana’s State Minister for Finance.
He stated that the first loan tranche of $600 million is anticipated to be disbursed to Reuters on Sunday, May 14, 2023.
“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 added that a second tranche of $600 million is anticipated to be approved following the program’s successful first review in November or December 2023.
Benjamin Nsiah, a financial analyst, claims that the $3 billion IMF bailout will not resolve the nation’s economic issues.
He claims that because the $3 billion bailout from the IMF will be paid out in installments rather than in full at once, it won’t work like magic to solve the current crisis.
He further criticized the government for taking actions that actually aid in the contraction and constriction of local industries rather than helping to increase their production capacity.
Mr. Nsiah also charged that the government had used the IMF bailout to foster conditions that would allow it to obtain additional loans from outside sources.
Earlier on, Minister of Finance Ken Ofori-Atta praised the government for how quickly it processed its bailout from the International Monetary Fund (IMF).
He claimed that Ghana had beaten all previous benchmarks for eligibility for a loan from the Bretton-Wood institute.
The Finance Minister said Ghanaians should congratulate the government for this achievement while speaking on Accra-based Joy FM.
“We have literally broken all records with regard to this restructuring. I think we need to recognise and acknowledge that. We started on July 1 and we’re able to gain record time and get our SLA concluded, the domestic debt restructuring and Paris Club have already met twice, and we expect them to within the next few weeks to deliver their assurances.
“I think really we should we should be excited about how fast government has worked,” he said on Joy FM’s Midday.
