GhArticles.com Every News in Detail
The Ministry of Finance has provided clarification regarding Ghana’s status in relation to the disbursement of the second tranche of a $600 million loan from the International Monetary Fund (IMF). Contrary to previous reports, Ghana did not miss the November 1 deadline for this disbursement.
In a statement released on Friday, November 10, it was explained that the November 1, 2023 date was merely an indicative timeline for the completion of the first review, which was successfully achieved on October 6.
The statement emphasized that there was no fixed deadline of November 1, 2023, for the second tranche of IMF funds, and the exact timeline for the Board’s decision lies in the hands of the IMF Executive Board.
The IMF Executive Board is anticipated to convene during the third week of November to consider the approval of Ghana’s Staff Level Agreement (SLA) for the disbursement of an additional $600 million. This follows the successful completion of the first review of the $3 billion loan-support program.
It is common knowledge that the IMF Executive Board’s approval of Ghana’s first review is a prerequisite for the release of the next tranche of IMF funds, as highlighted in the statement.
At the conclusion of the Staff Mission, the IMF noted that Ghana needed to reach an agreement with its external creditors. This agreement would specify the debt treatment that external creditors and Ghana would jointly agree upon within the context of the government’s ongoing three-year $3 billion IMF loan-support program.
Regarding this matter, the Ministry of Finance stated that the Government of Ghana is making significant progress in line with its strategic plan to engage the Official Creditor Committee (OCC) of the Paris Club, secure a Memorandum of Understanding on debt restructuring, and present its case before the IMF Executive Board for approval of the first review.
The Ministry of Finance also urged the public and media organizations, in particular, to fact-check and verify information whenever they encounter doubts.
