First tranche of IMF cash to hit BoG account this week
The first tranche of International Monetary Fund (IMF) cash to support the country’s balance of payment is expected to hit the Bank of Ghana’s account this week.
Joy Business is learning that the IMF Board will approve the “cash disbursement” as soon as it considers a request for Ghana’s Programme this Wednesday, May 17, 2023.
Part of the first tranche will come in by Friday March 19, 2023, while the remaining should be disbursed by June 2023.
Details of disbursement
The transfers, Joy Business, understands would be done in two instalments; the first one coming in by Friday May 19, 2023 or Monday, May 22, 2023.
Another disbursement is expected to be done in June 2023.
This will be followed by a visit by an IMF Mission to Ghana in June 2023 to review Ghana’s programme considerations.
Another review is expected just before the end of 2023, possibly in December 2023, before the final disbursement.
All the funds will be paid directly into the Bank of Ghana’s account to support Ghana’s balance of payments needs.
Ghana is expected to get about $3 billion spread over a period of three years under the IMF programme.
Ghana’s IMF Progrmme
Ghana secured the required financing assurance from Ghana’s Creditors Committee under the G20 Common Framework last week, which includes China.
This came after the Managing Director of the IMF, Kristalina Georgieva, indicated that Ghana will secure the financing assurance under the G20 Common Framework
She noted that the decision would help Ghana to unlock the much-needed financing from Ghana’s development partners.
“I also strongly endorse the call by the Official Creditor Committee for private creditors and other official bilateral creditors to commit to comparable debt treatments,” the IMF boss added.