The government of Ghana has received US$360 million as the third installment of the country’s bailout package from the International Monetary Fund (IMF).
This disbursement, aimed at providing budget support and stabilizing the local currency, was officially credited to the Central Bank’s account on Tuesday, July 2, 2024.
This release follows the IMF Executive Board’s approval of the second review of Ghana’s economic performance on Friday, June 28, 2024. With this tranche, Ghana has now received a total of US$1.56 billion out of the $3 billion approved under the three-year extended credit facility agreement with the IMF.
The newly received funds will be allocated to support activities outlined in the 2024 budget.
The fourth installment of US$360 million is anticipated in the fourth quarter of 2024, contingent upon the IMF Executive Board’s approval of the third review.
Additional funding expected in 2024 includes US$300 million from the World Bank in the third quarter, as well as disbursements from various bilateral and financial institutions.
This includes US$150 million from the World Bank’s GARID Project and a US$200 million facility from the ECOWAS Bank for Investment and Development (EBID) for SME support.
Furthermore, anticipated proceeds from the 2024/2025 COCOBOD syndication could reach up to US$1.5 billion, expected in the fourth quarter of 2024.
