Dr Erneat Addison
The first tranche of the International Monetary Fund’s (IMF) $3 billion bailout has finally been granted, bringing a sigh of relief to the government and the people of Ghana.
The first installment of $600 million will hit the accounts of the Bank of Ghana today, May 19, 2023.
This was confirmed by the Governor of the Bank of Ghana (BoG), Dr Ernest Addison, who expressed his appreciation for the IMF’s support.
Speaking at a joint government of Ghana/IMF press conference in Washington DC via zoom, the governor noted that the money would significantly boost the country’s reserves and the Cedi, which has been performing remarkably well in recent times.
Dr. Addison highlighted the importance of the IMF programme to the country’s economic growth and development.
He noted that the funds would be used to support the government’s fiscal consolidation efforts, creating a stable and sustainable macroeconomic environment.
The IMF programme is geared towards supporting Ghana’s economic reform agenda, which focuses on strengthening the country’s fiscal and monetary policies. The programme also aims to address issues related to debt sustainability, financial sector stability, and private sector development.
The Ghanaian government has committed to implementing a series of reforms aimed at curbing public debt, reducing fiscal deficits, and improving the business environment.
The government has also pledged to increase transparency and accountability in the public sector while promoting private sector growth.
The IMF programme is expected to run for three years, subject to regular review and evaluation. The successful implementation of the programme is expected to support Ghana’s medium-term growth prospects, create jobs, and reduce poverty.
The receipt of the first tranche of the IMF programme is a significant milestone for Ghana, and it is expected to inspire confidence in the country’s economic outlook.
The government and the Bank of Ghana are committed to ensuring the proper utilization of the funds to achieve the desired outcomes.
By Vincent Kubi