July 24, 2024

The Executive Board of the International Monetary Fund (IMF) has approved Ghana’s second review of Ghana’s US$3 billion Extended Credit Facility (ECF) Arrangement.

Announcing this in a press briefing, the Minister of Finance, Dr. Mohammed Amin Adams said the country is expecting the third tranche of $360 million by Monday, 1st July, 2024 which will bring to total disbursement of $1.56 million.

“My friends, ladies and gentlemen, on behalf of his excellency, the president of the Republic, and the government of Ghana, it gives me a great pleasure to update you on the IMF support programme. After meeting the requirement for the second review following the staff level agreement, I am glad to announce that the IMF Executive Board has today, Friday, 28th June 2024, approved Ghana’s second review with overwhelming support for Ghana from the Executive Directors.” The Minister said.

“Consistency of our resolve to stay the course on the implementation of the $3 billion, 3 year IMF supported post covid programme for economic growth, we successfully hosted an IMF mission in April 2024, which came to Ghana to undertake the second review of the implementation of the programme. This is coming after earlier approval of the first review in January, 2024. This is yet an important development in our journey towards our macro-economic stability.” He added.

“And we expect the third tranche of $360 million by Monday, 1st July, 2024 which will bring to total disbursement $1.56 million. I like to thank his Excellency, the president, for his strong leadership and direction which helped in execution of the various policies and measures under the fund programme. We also wish to commend the IMF, the World Bank and all other development partners for their support to Ghana.”

The Minister expressed optimism that the disbursement of the IMF loan will bring back the economy that is strong enough to deliver the benefits and development to you all over the country.

“Let me also take advantage of this opportunity to thank the people of Ghana for your support, patience and for your forbearance. I am very confident that we can travel this journey together and bring back the economy that is strong enough to deliver the benefits and development to you all over the country.” Dr. Amin emphasized.

He disclosed that the IMF and the Bank of Ghana will on Monday, 1st July 2024 hold a joint press briefing on this development.

“Further details, ladies and gentlement will be provided on this during a special joint press briefing with the IMF and the Bank of Ghana on Monday, 1st July 2024 at 12 noon and I hope that you will all get ready to listen to the good news that continues to shine on us as a country.” He added.

Source: Elvisanokyenews.com

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