Ghana is anticipated to receive the first payment of $600 million from the $3 billion loan facility of the International Monetary Fund on Friday, May 19, 2023, barring any last-minute hiccups.
On May 18, the IMF team and Ghana’s Finance Minister, Ken Ofori-Atta, held a press conference together.
“There is a $600 million release, and we will be working with the IMF to see if we can obtain it by tomorrow. We will then go on to the following six months, which will be another $600 million, and we move on to roughly five other tranches every six months in the times ahead. Ofori-Atta stated
Ernest Addison, the governor of the Bank of Ghana (BoG), concurred, saying: “Just for your knowledge, we have received prompt instructions to receive the money today. Value date is May 19 and is $604 million.
On May 17, 2023, Ghana received the IMF’s final approval. To stabilize its economy, the West African nation is requesting a $3 billion Balance of Payments support.