Second tranche of IMF loan not dependent on external debt restructuring – Oppong Nkrumah

Information minister, Kojo Oppong Nkrumah, has said Ghana has fulfilled the necessary procedures for assessing the second tranche of the $3 billion extended credit facility from the International Monetary Fund.

According to him, the country has signed off for the second tranche based on results from the assessment of the Fund on the first tranche that was received in May 2023.

He said on AsaaseRadio on October 16, 2023: “I think it is important to correct that, yes, we have signed off the agreement for the next US$600 million based on the way we passed the first review…but we are not required to complete the external credit exchange before assessing the second tranche.”

He added, “We are required to demonstrate progress, and that progress will be indicative at least in reaching an understanding with the bilateral creditors and we are hopeful that we will be able to do that before the IMF board meets.”

On the side of external debt restructuring the finance minister has assured that the government is on course to `receive assurances from external creditors.

“We have met the Central Bank Governor of China and we don’t perceive any opposition or reluctance in participating positively when it comes to the Memorandum of Understanding on restructuring of our external bilateral debts,” the finance minister said.

“The Chinese government within the past months is close to reaching a similar deal with Zambia, Sri Lanka, and Suriname, so following that trend, we expect some similar cooperation from them when it comes to Ghana,” he added.

The Minister is expected however to meet with Eurobond creditors from October 16, 2023, to negotiate on the terms for the debt talks.

SSD/OGB

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