The International Monetary Fund (IMF) has approved Ghana’s request for a US$3 billion bailout to help the country’s economic recovery.
On Wednesday, May 17, the International Monetary Fund’s executive board met to discuss funding approval.
The country is requesting $3 billion from the IMF to help bolster its battered economy. Kristalina Georgieva, managing director of the IMF, said on Friday that Ghana’s official creditors had provided the necessary financing assurances for the IMF executive board to consider signing off on the loan.
Earlier, Mohammed Amin Adam, Minister of State in the Finance Ministry, hinted that the IMF would most likely approve Ghana’s bailout by Wednesday (17 May).
“We expect a deal on Wednesday. With the disbursement, there is going to be US$600 million as a first tranche just immediately after the approval,” Adam said, speaking by phone, adding that Ghana hoped to receive the funds within a week of the board’s decision.”
The minister also said that the inflow will help Ghana reach its goal of having foreign reserves equivalent to three months’ worth of imports by 2026.
