Ghana expects $1.15bn IMF, World Bank funding by late February

In Ghana, the Finance Minister has announced that the West African country is expecting fresh 1.5 billion US dollars from the International Monetary Fund and the World World Bank by the end of next month as part of efforts to support its poor performing economy…

The Ghanaian authorities have announced that the country expects to receive $1.15 billion in funding from the International Monetary Fund and the World Bank by the end of February as bilateral creditors near agreement on the terms of a debt restructuring.

Finance Minister, Ken Ofori-Atta, while speaking with Bloomberg expressed confidence that official creditors will agree on a memorandum of understanding in a meeting scheduled for Monday, January 8.

The agreement will enable the IMF executive board to meet to review Ghana’s performance under a programme that started in May 2023 and to approve a disbursement of $600 million, the second tranche of its $3 billion bailout. Mr. Ofori-Atta said.

He added that a board approval will also “trigger” the process for two World Bank disbursements totaling $550 million.

The World Bank has committed $300 million in budgetary support and another $250 million toward Ghana’s Financial Stability Fund.

Ghana is facing its worst economic downturn in decades. In 2023, Accra secured a bailout program with the International Monetary Fund (IMF) worth $3 billion as part of efforts to ease the raging economic troubles.