Public Agenda NewsPaperPublic Agenda NewsPaper
  • General News
  • Politics
  • Business
  • Health
  • Development Agenda
  • World News
  • Features & Opinions
  • Election watch
  • Editorial
Font ResizerAa
Public Agenda NewsPaperPublic Agenda NewsPaper
Font ResizerAa
  • General News
  • Politics
  • Business
  • Health
  • Development Agenda
  • World News
  • Features & Opinions
  • Election watch
  • Editorial
Search
  • General News
  • Politics
  • Business
  • Health
  • Development Agenda
  • World News
  • Features & Opinions
  • Election watch
  • Editorial
Follow US
Breaking NewsBusiness

IMF deal: Second tranche of US$600m officially hits BOG account

Suleman
Last updated: January 23, 2024 11:04 pm
Suleman
Share
3 Min Read
SHARE

The Bank of Ghana (BOG) has acknowledged receipt of US$600 million as the second tranche of Ghana’s bailout package with the International Monetary Fund (IMF).

The cash meant for budget support and stabilization of the local currency, was officially credited to the Central Bank’s account today, Tuesday, January 23, 2023.

More Read

Eliminating Intra-African Trade Barriers no Longer Optional – AfCFTA Scribe
Judge reverses Trump administration’s cuts of billions of dollars to Harvard University
I’ll hold you to the June 2026 deadline – Mahama to Ofankor–Nsawam road contractor
Draft report on review of Constitution to be ready by October – CRC
GRNMA apologises to Health Minister over attacks

This means, Ghana has received a total of US$ 1.2 billion out of the $3 billion approved under the three-year extended credit facility in May last year.

Citi News understands, unlike the first tranche, which was meant to address Ghana’s balance of payment issues, all of the second tranche will be used to finance projects and programmes in the 2024 budget.

Last Friday, the IMF approved the second tranche after Ghana struck a deal with its bilateral lenders, including China and France, late last week—a key step that triggered the second disbursement.

According to the IMF, Ghana has performed well under the programme, with reforms bearing fruit and signs of economic stabilisation emerging.

All other things being equal, Ghana’s next IMF programme review will take place in six months for the third tranche of US$ 720 million.

Inflow from World Bank

The second tranche has also unlocked additional funding from other international donors.  The Executive Board of the World Bank is expected to advance some $300 million in budget support for Ghana.

It follows agreement in principle on the key parameters of the proposed debt restructuring for Ghana reached by the Official Creditors’ Committee under the G20 Common Framework and the subsequent disbursement of the second tranche of the IMF package.

The disbursement will help Ghana in its recovery, attract investments and restore a sustainable growth path while driving the country’s debt sustainability.

It will take a few days for the amount to be drawn down after the Board meets today, January 23, 2023, for the necessary approval.

After this, the World Bank is also expected to disburse some $250 million to the country as part of its contribution to the Ghana Financial Stability Fund, which is expected to assist Banks that have been hit badly by the Domestic Debt Exchange Programme.

Source: CNR

Share This Article
Facebook Whatsapp Whatsapp Email Copy Link Print

Latest News

Shadows of Empire: The CIA, Kwame Nkrumah, and the Struggle for Ghanaian Sovereignty
September 3, 2025
Empowering Rural Women through environmental justice: GAGGA grantees convene in Accra
September 3, 2025
Birim North District Unveils Medium -Term Development Plan and More…
September 2, 2025
Chief Justice Getrude Torkornoo removed
September 1, 2025
ABANTU Engages Unsuccessful Women Parliamentary Candidates to Strengthen Political Participation in Ghana
August 28, 2025
Pakistan unveils 7-point plan for Gaza peace at OIC summit
August 26, 2025
Bagre Dam Spillage claims life of farmer
August 26, 2025

You Might Also Like

Breaking NewsBusinesstop stories

Ghana and Nigeria explore electricity for gas barter agreement

August 26, 2025
Breaking NewsGeneral Newstop stories

Ghana drops to 61st in 2025 Global Peace Index

August 26, 2025
Breaking NewsDevelopment AgendaElection watch

Charles Abugre Chairs MiDA Board

August 22, 2025
Breaking NewsBusinesstop stories

Ghana cedi is world’s best-performing currency – Mahama tells investors in Japan

August 20, 2025

About Us

Public Agenda is fou­nded and owned by Pu­blic Agenda Communic­ations.

Public Agenda was founded as a public interest Me­dia entity. Its Visi­on is to contribute to building a well-i­nformed society where accurate informati­on dissemination is the cornerstone of a democratic, just and equitable society.

Its mission is to inform, guide and bui­ld responsible citiz­enship and accountab­le decision making and strive for excell­ence in the media in­dustry. Public Agenda Communications is managed by a Board of Directors.

Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?