The $360m third tranche under Ghana’s $3bn Extended Credit Facility (ECF) is expected to hit the account of the Bank of Ghana (BoG) today.
The IMF Executive Board has approved the second review of Ghana’s $3 billion loan program, which allows for the immediate disbursement of approximately $360 million.
This decision follows Ghana’s successful negotiation with its official creditor committee, a necessary step to unlock the second tranche of the loan.
This latest disbursement brings the total IMF funds received by Ghana under the three-year bailout program to $1.56 billion.
The program is designed to assist Ghana in overcoming its most severe economic crisis in a generation.
IMF Deputy Managing Director Kenji Okamura in a statement on Friday, June 28, commented on Ghana’s progress under the Fund programme stating that “Government’s strategy aimed at restoring macroeconomic stability and reducing debt vulnerabilities is paying off, with clear signs of stabilization emerging.”