play videoMinistry Finance
The Ministry of Finance has refuted a recent article published by myjoyonline, titled "Ghana misses out on IMF's Nov 1 timeline for 2nd tranche as external debt restructuring talks drag."
According to the ministry, there was no set deadline of November 1, 2023, for the disbursement of the second tranche of IMF funds. Rather, the mentioned date was an indicative timeline for the completion of the first review.
A press statement, dated November 10, 2023, clarified that the timeline for the IMF Executive Board's consideration and approval of the first review is not November 1, 2023, as asserted by Myjoyonline but rather the actual Board date will be determined by the IMF Executive Board.
“The attention of the Ministry of Finance has been drawn to above-titled misleading publication on Myjoyonline, about Ghana missing a purported deadline of 1st November, 2023, for the disbursement of the second tranche of International Monetary (IMF) Funds.
“The Ministry thus wishes to set the record straight:
“There is no 1st November, 2023 timeline for disbursement of the second tranche of the IMF funds. No deadline has been set by the IMF for the second tranche disbursement, which is due to take place after the IMF Executive Board approves the first review.
“The publication by Myjoyonline references Table 9 on page 72 of the Memorandum of Economic and Financial Policies (MEFP) published on 17th May, 2023 by the IMF. The November 1 stated in this table is an indicative timeline for completion of the first review, based on the observance of the end-June 2023 performance criteria.
“This first review was successfully completed on 6th October, 2023, culminating in a Staff Level Agreement (SLA) on the same day,” part of the statement said.
Regarding external debt restructuring negotiations, the Ministry of Finance affirmed that they are progressing smoothly.