{"id":137638,"date":"2024-01-10T15:48:26","date_gmt":"2024-01-10T15:48:26","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/01\/10\/imf-approves-600m-for-ghana\/"},"modified":"2024-01-10T15:48:26","modified_gmt":"2024-01-10T15:48:26","slug":"imf-approves-600m-for-ghana","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/01\/10\/imf-approves-600m-for-ghana\/","title":{"rendered":"IMF Approves $600m For Ghana"},"content":{"rendered":"<p><\/p>\n<div>\n<p>\u00a0<\/p>\n<p>It has emerged that the Government of Ghana has gotten the green light on the term agreement from the Official Creditor Committee, to pave the way for the IMF Executive Board to release the second tranche of the $3 billion extended credit facility of $600 million.<\/p>\n<p>The Minister for Finance, Ken Ofori-Atta, who confirmed the news to Bloomberg said \u2018\u2019We are receiving the draft term sheet today so I think we are about done.<\/p>\n<p>\u201cWe will look into the details, but then it\u2019s good enough for the IMF to continue with their work, so we\u2019re in good shape.\u201d<\/p>\n<p>Initially, \u2060an agreement in principle is enough for Ghana to go to the IMF Board to seek approval of the 6th October 2023 Staff Level Agreement (SLA) for the first review under the $3 billion ECF program.<\/p>\n<p>The IMF Board approval will, within days, unlock the second disbursement of $600 million.<\/p>\n<p>Meanwhile, the IMF Africa Director, Abebe Selassie in October, lauded Ghana\u2019s remarkable progress and affirmed that Ghana had done its part.<\/p>\n<p>He explained that \u201cI have to tell you that whereas it took something like nine months or more for Zambia to get the official creditor committee to be created, in Ghana\u2019s case, it was fairly rapid, adding that, \u201cGhana has done its fair share and it\u2019s for the creditors to take steps.\u201d<\/p>\n<p>On the other hand, the IMF\u2019s Resident Representative for Ghana, Leandro Medina, said that discussions between Ghana and official creditors were showing \u201cpromising progress.\u201d<\/p>\n<p>\u2018\u2019IMF Board approval is expected to further \u201ctrigger\u201d World Bank Funding to the tune of $550 million. The Bank has pledged $300 million in budgetary support and another $250 million toward Ghana\u2019s Financial Stability Fund.<\/p>\n<p>These funds are all expected before the end of February 2024, with a strong and positive effect expected on Ghana\u2019s reserve position and exchange rate stability\u2019\u2019 a Statement confirmed.<\/p>\n<p><strong>-BY Daniel Bampoe<\/strong><\/p>\n<p><!-- AI CONTENT END 2 -->\n\t<\/div>\n","protected":false},"excerpt":{"rendered":"<p>\u00a0 It has emerged that the Government of Ghana has gotten the green light on the term agreement from the Official Creditor Committee, to pave the way for the IMF Executive Board to release the second tranche of the $3 billion extended credit facility of $600 million. The Minister for Finance, Ken Ofori-Atta, who confirmed [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":67748,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-137638","post","type-post","status-publish","format-standard","has-post-thumbnail","category-local-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>IMF Approves $600m For Ghana - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/01\/10\/imf-approves-600m-for-ghana\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IMF Approves $600m For Ghana - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"\u00a0 It has emerged that the Government of Ghana has gotten the green light on the term agreement from the Official Creditor Committee, to pave the way for the IMF Executive Board to release the second tranche of the $3 billion extended credit facility of $600 million. 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