The International Monetary Fund (IMF) has stated that Ghana will have access to about $600 million after its board reviews the country’s program.
Ghana is expected to conclude a debt restructuring agreement with external creditors, particularly China, which has proposed a new cut-off date.
Discussions with the Official Creditor Committee are ongoing to settle on an agreed-upon date for the debt restructuring.
Speaking at a press conference in Washington, D.C., USA, the Director of the IMF’s Communications Department, Julie Kozack, said the Board can only go ahead to approve the $600 million second tranche of funding if the discussions with the external creditors are concluded and the conclusions are presented to the Board.
“Once this review was completed by the Board, Ghana would have access to $600 million in financing,” she said.
She explained that it is important for Ghana to complete the discussions with the external creditors to pave the way for the Board to approve the disbursement.
“To ensure timely completion of the review, official creditors and the Ghanaian authorities will need to reach agreement on a debt treatment consistent with the objectives of the program and in line with the financing assurances that creditors provided in May 2023,” she said.
She expressed optimism that both parties would reach an agreement soon.
“Discussions between the Ghanaian authorities and the Official Creditor Committee are ongoing, and we certainly hope that an agreement can be reached soon so that we can rapidly bring the program to the Board.”.
Touching on Ghana’s macroeconomic indicators, Ms. Kozack said growth in 2023 has proven more resilient than initially envisaged.
“Inflation has come down, and the fiscal and external positions have improved.”.
She added that the exchange rate volatility has declined.