The first tranche of $600 million out of the $3billion IMF programme is expected to hit the accounts of the Bank of Ghana today, May 19, 2023, the Governor of the Bank of Ghana (BoG), Dr Ernest Addison has said.
The Governor noted that the money would boost the country’s reserves and the Cedi which is already doing very well in recent times.
Joining a joint government of Ghana/ IMF press conference in Washington DC via zoom, the governor said the approval of Ghana’s programme signaled the beginning of work to restore the country’s economy unto the path of growth.
He said aside from the money that the IMF programme comes with, it also had a lot of benefits that would help steer the country’s economy out of the current challenges.
On his part, Stephane Roudet, IMF mission chief for Ghana said the country’s support pragramme cover range range of the country’s sector and will ensure that the economy will withstand shocks in the future.
He said, “It is important to emphasise that this is a programme that is very rich in its structural components. It includes many reforms that cover a large range of sectors and these reforms will make the economy more resilient to shocks in the future and this is what the government and the IMF are looking for in this programme.
“It is a programme that will make the economy more resilient and more likely to withstand shocks in the future,” Roudet added.
The executive board of the IMF approved Ghana’s request for a US$3 billion bailout to support the country’s economic recovery on Wednesday, May 17.
The Fund said its support programme for the country will focus on reining in inflation and rebuilding the country’s foreign reserve buffers.