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Business News of Wednesday, 11 October 2023

Source: www.ghanaweb.com

Second tranche bailout: IMF awaits Ghana’s agreement with bilateral creditors – Georgieva

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IMF MD, Kristalina Georgieva with Finance Minister and BoG Governor during the meetings IMF MD, Kristalina Georgieva with Finance Minister and BoG Governor during the meetings

The International Monetary Fund has said it is awaiting the outcome of Ghana’s agreement with bilateral credits before the country can access to second tranche disbursement of $600 million of the $3 billion bailout package.

Managing Director of the Fund, Kristalina Georgieva, made this known in a tweet posted on the X platform (Twitter) after meeting with Ghanaian officials in Morocco to discuss the next line of action.

“Great to meet @MoF_Ghana Min Ofori-Atta & @thebankofghana Gov Addison at #IMFMeetings. Congrats on the recent staff-level agreement on the Fund-supported program’s first review. Counting on bilateral creditors reaching agreement on debt relief soon to move the review forward,” she wrote on Wednesday October 11, 2023.

Present during the meeting with the IMF officials was Finance Minister, Ken Ofori-Atta, BoG Governor Dr Ernest Addison, first deputy BoG Governor, Dr Maxwell Opoku-Afari and other reps from the BoG and Finance Ministry.

The IMF and Ghana on October 6, 2023, reached a staff-level agreement after concluding a first review of the bailout package which was accessed back in May 2023.

IMF Mission Chief, Stephane Roudet, speaking at a joint press conference in Accra noted that the agreement is subject to financing assurances and Executive Board approval before the funds can be accessed by Ghana.

Ghana is targeting to secure the second tranche of the $600 million package in November this year with plans to further engage bilateral creditors on a debt restructuring programme.

Meanwhile, the Ministry of Finance has called on its bilateral creditors to swiftly come to an agreement to enable Ghana secure the second bailout package of the $3 billion Extended Credit Facility.

“Grateful for strong IMF support, and calling on bilateral creditors to agree on debt relief terms as quickly as possible,” the Finance Ministry wrote on its X (Twitter) handle.



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