After months of painstaking negotiations, the International Monetary Fund (IMF) Executive Board has given the green light for Ghana’s $3 billion programme request to stabilise the economy.
This follows a board meeting on Ghana’s programme chaired by the Managing Director of the IMF, Kristalina Ivanova Georgieva-Kinova.
According to the government, about $600 million would be disbursed to Ghana within a week, once Ghana’s programme is approved by the Executive Board of the IMF.
The second tranche upon meeting some conditions under the programme of disbursement is expected by December 2023.
The remaining amount will be disbursed in tranches of $360 million every six months, subject to meeting the IMF programme conditions.
Ghana is expecting about $3 billion spread over three years under the IMF Programme.
As part of the programme, Ghana will also benefit from other donors to support the country’s economic development.
The World Bank will come on board with about $900 million to support Ghana’s budget.
Meanwhile, the IMF will publish the full details of Ghana’s Economic Recovery Programme once approval is finalised.
It will also outline the necessary conditions associated with the programme as well as the staff report on Ghana.
Minister of State at the Finance Ministry, Dr. Mohammed Amin Adam said, “As a result of this, the government has instructed the IMF to publish all the document once the approval has been given. The documents will be out there for the public to continue to scrutinise and to help monitor. It is important because we are suppose to implement a number of measures and to the extent that the public must know what these measures are,” he added.
“Through this, they [Ghanaians] will be able to ask relevant questions as to how we are performing. Public accountability will continue to be a feature of the Ghanaian politics. We have a strong parliament who are not afraid to ask relevant questions and so we want to be as transparent as possible, and that is the commitment the President [Akufo-Addo] has made,” said the Minister of State.
By Jamila Akweley Okertchiri