Second Tranche of IMF US$600 Million Hits Bank of Ghana Account

The Bank of Ghana (BOG) has officially acknowledged the arrival of Ghana’s second tranche of the International Monetary Fund (IMF) bailout package, totaling US$600 million. This financial infusion, dedicated to providing budgetary support and stabilizing the local currency, was deposited into the Central Bank’s account on January 23, 2023.

The approval of this loan facility marks a significant milestone, bringing the total disbursement for the country’s implementation of the IMF-supported Post COVID-19 Programme for Economic Growth (PC-PEG) to a substantial US$1.2 billion.

This development follows closely on the heels of Ghana’s recent agreement with the Official Creditor Committee, resulting in the IMF’s endorsement of the country’s first review within the framework of the three-year US$3 billion program.

Speaking at a joint press briefing, Finance Minister Ken Ofori-Atta described this achievement as a pivotal milestone in the effective implementation of the country’s economic recovery program. The funds are expected to play a crucial role in bolstering Ghana’s financial stability and fostering economic growth amidst the ongoing challenges posed by the global pandemic.