BoG given $114m from IMF bailout to restore Cedi

The Bank of Ghana (BoG) will receive the first tranche of the International Monetary Fund (IMF) bailout of $114 million to shore up the ailing Cedi.

The Bretton Woods institution has approved a $918 million financial assistance deal for Ghana over a three-year period.

According to a deputy Minister of Finance, Ato Forson, the move is to improve macro-economic stability and boost investor confidence.

Per the bailout agreement, $300 million will be released to Ghana every year until the expiration of the pact.

“The programme aims to restore debt sustainability and macroeconomic stability to foster a return to high growth and job creation, while protecting social spending. The Executive Board’s decision will enable an immediate disbursement of SDR 83.025 million (about US$114.8 million),” an IMF statement said.