Ghana sets to receive $1.15bn in IMF, World Bank funding by late February
The Ghanaian authorities have announced that the country expects to receive $1.15 billion in funding from the International Monetary Fund and the World Bank by the end of February 2023 as bilateral creditors near agreement on the terms of a debt restructuring.
Finance Minister, Ken Ofori-Atta, while speaking with Bloomberg expressed confidence that official creditors will agree on a memorandum of understanding in a meeting scheduled for Monday, January 8.
The agreement will enable the IMF executive board to meet to review Ghana’s performance under a programme that started in May 2023 and to approve a disbursement of $600 million, the second tranche of its $3 billion bailout. Mr. Ofori-Atta said.
He added that a board approval will also “trigger” the process for two World Bank disbursements totaling $550 million.
The World Bank has committed $300 million in budgetary support and another $250 million toward Ghana’s Financial Stability Fund.
Ghana is facing its worst economic downturn in decades. In 2023, Accra secured a bailout program with the International Monetary Fund (IMF) worth $3 billion as part of efforts to ease the raging economic troubles.
