The Finance Minister, Ken Ofori-Atta has revealed that Ghana is set to receive the first tranche of the $3 billion bailout package approved by the International Monetary Fund (IMF), tomorrow, May 19, 2023.
While speaking at a joint press conference between the Government of Ghana and officials of the IMF, Ofori-Atta outlined a roadmap for continued financial support from the IMF over the coming months.
“There is a $600 million release, and we will be working with the IMF to see if we can get it by tomorrow, and then we will move on to the next 6 months which will be another $600 million, and then we move on to about 5 different tranches every 6 months in the periods ahead.”
He further emphasized the country’s commitment to fiscal responsibility, stating that Ghana will not hastily seek to return to the international capital market for borrowing.
He also acknowledged the revenue-enhancing measures outlined in the budget, particularly improvements at the Ghana Revenue Authority (GRA), which are expected to provide the necessary resources for the country’s progress.
“There is no rush in going back to the international capital market, our expectation is that in managing our expenditure and increasing our revenue we will have the resources to do it.”
The finance minister emphasized that Ghana will not rush back to the international capital market, as the government aims to rely on improved revenue streams and expenditure management to meet its financial requirements.