$360m Third Tranche of IMF Cash Hits Bank of Ghana’s Account

The Government of Ghana has received US$360 million as the third installment of its bailout package with the International Monetary Fund (IMF). This amount, aimed at supporting the budget and stabilizing the local currency, was credited to the Central Bank’s account on Tuesday, July 2, 2024.

This payment follows the IMF Executive Board’s approval of the second review on Friday, June 28, 2024. To date, Ghana has received a total of US$1.56 billion out of the $3 billion approved under the three-year extended credit facility.

The funds are reportedly earmarked to support activities outlined in the 2024 budget. The fourth tranche, another US$360 million, is anticipated in the fourth quarter of 2024, pending the IMF Executive Board’s approval of the third review.

Additionally, Ghana expects to receive US$300 million from the World Bank in the third quarter of 2024. Disbursements from other bilateral and financial institutions are also anticipated, including US$150 million from the World Bank GARID Project, US$200 million from the EBID facility for SME support, and up to US$1.5 billion from the 2024/2025 COCOBOD syndication in the fourth quarter of 2024.