Second tranche loan: IMF reschedules Board meeting on Ghana to January 2024 - Report

Ghana’s quest to secure the second tranche of the IMF bailout has been rescheduled to January 11, 2024, according to a Joy Business report.

The portal noted that this is based on information from some members familiar with the negotiations of the Official Creditor Committee (OCC) as Ghana is seeking to agree terms of a debt exchange programme with its external creditors.

However, sources close to the OCC negotiations indicate that Ghana has made considerable progress with external credits on the debt swap, particularly with China which is a key player of the Committee.

Ghana was expected to meet with the IMF Executive Board in November 2023 with the view of clinching an agreement with external 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 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/SA

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