Ghana is set to receive a much-needed financial boost of $1.2 billion this year, after the country’s International Monetary Fund (IMF) programme is approved by the IMF’s Executive Board, according to Dr. Mohammed Amin Adam, Minister of State at the Finance Ministry.
The disbursement is expected to begin within a week of approval, with $600 million being made available immediately. The second tranche of disbursement is expected by December 2023, with the remainder of the funds being disbursed in tranches of $360 million every six months, subject to the country meeting the IMF’s programme conditions.
The boost in funding will have a significant impact on Ghana’s balance of payment support going forward, according to Dr. Adam, who added that the country is also expected to go ahead with a debt restructuring programme with its external creditors. The IMF programme is part of Ghana’s wider economic development plan, with the country expecting to receive around $3 billion spread over three years.
The country’s lack of timely and accurate data collection and analysis has been a significant obstacle to its development, leading to the implementation of ineffective policies and the misallocation of resources. However, Dr. Adam noted that Ghana’s commitment to transparency and accountability has helped to strengthen democratic institutions and promote political stability in the country.
The IMF programme is just one part of Ghana’s wider development plan, which also includes support from other donors. The World Bank is set to provide around $900 million to support Ghana’s budget as part of the programme, according to Dr. Adam. With the boost in funding from the IMF and other donors, Ghana is well-positioned to make significant strides in its development efforts.