Second tier of IMF relief expected next week – Ken Ofori Atta

Ghana's Finance Minister, Ken Ofori-Atta, has announced that the second tranche of the International Monetary Fund (IMF) bailout, amounting to $600 million, is expected to be received next week.

In a conversation on TV3 Ken Ofori-Atta explained that all necessary steps have been taken, with only the Official Creditor Committee (OCC) needing to submit its Memorandum of Understanding to the IMF, expressing confidence in the process, stating that Ghana had met all requirements, and discussions with the OCC and the Paris Club were progressing positively.

“We will have it this year. Therefore, the OCC needs to give its Memorandum of Understanding to the Fund and we are praying that between this week and next week, this will occur,”

“Ghana has done its part, OCC has been good. I think we will be alright,”

“We were very efficient in getting through the first review mission. That has successfully been done and everything submitted to the Fund Board. So, now what is holding up is the conclusion of the discussion that the OCC is having with the Paris club, which is co-chaired by France and China.

I think at this point, discussions about the cut-off date and the comparability of treatment all of the credit that is in there, and I think that is sort of technical discussions. But we are very confident that, that will come through. I think Ghana, as the IMF Managing Director said, has paid its dues with a strong domestic exchange program and all of the Quantitative Performance Criteria (QPCs) and indicative targets and structural benchmarks have been achieved. I think we will get there.”

The IMF's support aims to restore macroeconomic stability and debt sustainability, along with implementing reforms for inclusive growth.

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