IMF set to review Ghana’s second loan payout of $600 million on Friday

Once the date for a meeting has been set, it is expected that the necessary approval will be granted.

IMF set to review Ghana’s second loan payout of $600 million on Friday
Portrait by World Bank Group/ Grant Ellis | Design by Ifeoluwa Awowoye for Mariblock.
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The International Monetary Fund (IMF) board will review Ghana’s $600 million second loan payout on Friday from the secured $3 billion loan in 2023.

This update comes after the country reached a deal to restructure $5.4 billion of its official creditor debt. 

Key quote 

Kristalina Georgieva, IMF Managing Director said: 

“Minister of Finance Ofori-Atta announced that Ghana has agreed with their official creditors. This agreement aligns with the goals of the IMF-supported program, which focuses on restoring stability, managing debt, and promoting inclusive growth.” 

She added: 

“This agreement clears the path for IMF Executive Board consideration of the first review of Ghana’s three-year Extended Credit Facility Arrangement in the next few days. I look forward to continuing our fruitful collaboration with Ghana.” 

Quick facts

  • The agreement between Ghana and its official creditors clears the path for the $600 million second tranche payment from the IMF to Ghana. 
  • The IMF had earlier said that Ghana securing timely agreements on its debt restructuring would be crucial to finalizing the deal. 
  • Ghana’s finance ministry revealed on Friday that once the second tranche is signed off, it will trigger $550 million in additional World Bank funding.
  • Once the date for a meeting has been set, it is expected that the necessary approval will be granted. 

Key background