First installment of IMF cash to be received this week

The Bank of Ghana is expected to receive the first tranche of cash from the International Monetary Fund (IMF) this week. The IMF Board is set to approve the cash disbursement upon reviewing Ghana’s program request on Wednesday, May 17, 2023.

The disbursement will be done in two installments. The first installment is anticipated to arrive by Friday, May 19, 2023, or Monday, May 22, 2023. The second disbursement is scheduled for June 2023. In June 2023, an IMF Mission will visit Ghana to assess the program’s progress. Another review is expected before the end of 2023, possibly in December, before the final disbursement.

All funds will be directly deposited into the Bank of Ghana’s account to support the country’s balance of payments requirements. Ghana is expected to receive around $3 billion over a three-year period as part of the IMF program.

Ghana recently secured the necessary financing assurance from its Creditors Committee under the G20 Common Framework, including China. This development followed the endorsement by the Managing Director of the IMF, Kristalina Georgieva, stating that Ghana would receive financing assurance under the G20 Common Framework. The decision is expected to help unlock essential financing from Ghana’s development partners.

Source: AdomOnline