The International Monetary Fund (IMF) has revealed that ongoing discussions between Ghanaian authorities and the Official Creditor Committee are geared toward the release of the second $600 million tranche as part of the three-year $3 billion Extended Credit Facility program. The IMF has underscored that the release of the forthcoming tranche hinges on achieving an agreement between the Ghanaian government and the official creditors.
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Director's Remarks and Program Assessment
During a recent press conference, Julie Kozack, Director of the IMF's Communications Department, emphasized the necessity of prompt consensus between the Ghanaian authorities and official creditors to swiftly advance the program to the Board.
She also commended the Ghanaian authorities’ steadfast policy and reform commitments, highlighting the program's initial impact, noting signs of economic stabilization, resilient growth, reduced inflation, and improved fiscal and external positions. Kozack further affirmed a decline in exchange rate volatility, underscoring progress in critical economic indicators.
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Program Milestones and Agreement Requirements
Elaborating on the current status of the program, Kozack pointed out that on October 6, 2023, the IMF team reached a staff-level agreement on the first review of the program. She emphasized that the completion of this review, endorsed by the Board, would provide Ghana access to $600 million in financing.
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However, she stressed that the timely conclusion of the review hinges on an agreement between official creditors and the Ghanaian authorities regarding debt treatment, aligning with the program's objectives and consistent with the financing assurances provided by creditors in May 2023.
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