IMF’s Director of Communications assures Ghana of receipt of $600m tranche after Board review

The International Monetary Fund (IMF) has stated that Ghana will have access to about $600 million after its Board reviews the country’s programme.

Ghana is expected to conclude debt restructuring agreement with external creditors, particularly China, which has proposed new cut-off date.

Discussions with the Official Creditor Committee are ongoing to settle on an agreed date for the debt restructuring.

Speaking at a press conference in Washington D.C, USA the Director of the IMF’s Communications Department, Julie Kozack emphasized the significance of reaching a consensus with creditors, stating that the Board’s approval hinges on the timely completion of discussions.

“Once this review was completed by the Board, Ghana would have access to $600 million in financing. To ensure timely completion of the review, official creditors and the Ghanaian authorities will need to reach agreement on a debt treatment, consistent with the objectives of the programme, and in line with the financing assurances that creditors provided in May of 2023”, she said.

She expressed optimism that both parties will reach an agreement soon.

Touching on Ghana’s macroeconomic indicators, Ms. Kozack said growth in 2023 has proven more resilient than initially envisaged.

“Inflation has come down, and the fiscal and external positions have improved,” she aded.