Bilateral creditors close to issuing MoU to facilitate IMF Board meeting on Ghana – World Bank

Country Director for the World Bank, Pierre Frank Laporte, has disclosed that Ghana’s bilateral creditors are close to ‘Issuing an Assurance’ aimed at enhancing the country’s position towards clinching an IMF Executive Board approval when it meets on January 11, 2024.

This means that bilateral creditors are nearing an agreement on the terms for Ghana’s debt restructuring programme which form part of conditionalites in securing the second tranche loan disbursement from the IMF.

“At this point the information that we have is that the Official Creditor Committee is close to reaching a deal with Ghana on its debt restructuring. It is for this reason why the IMF has gone ahead to schedule the January 11, 2024 date,” Laporte is quoted to have said on the PM Express program on JoyNews.

Ghana was expected to meet with the IMF Executive Board in November 2023 with the view of clinching an agreement with bilateral creditors to pave way for the disbursement of the second tranche loan facility of $600 million.

Ghana has so far received the first tranche of the $3 billion IMF Extended Credit Facility (ECF) consisting of $600 million.

Since the economy experienced major headwinds in 2022, the Government of Ghana engaged the IMF for financial assistance on July 1, 2022 to restore macroeconomic stability, support balance of payments and others.

Ghana subsequently secured the first tranche of the $3 billion loan on May 17, 2023 after meeting all conditionalities.

The country's economy is expected to be under an IMF programme for a 3-year-period.

MA/NOQ

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