Ghana will receive the final IMF disbursement on March 29

The International Monetary Fund (IMF) has revealed that it will pay the final tranche of the 925 million dollar Extended Credit Facility to the Ghanaian government on March 29, 2019.

IMF

On April 3, 2015, the IMF approved Ghana’s request for a three-year financial arrangement which totaled about US$925.9 million.

The credit facility was extended for an additional year on August 30, 2017. The IMF bailout was therefore expected to end on April 2, 2019.

However, the IMF officially ended the Extended Credit Program for Ghana on March 20, two weeks earlier than the April 2019 deadline.

The fund said that the early conclusion of the programme was because the IMF’s Executive board approved the monitoring team’s final review report immediately it was published.

The Board, therefore, approved for the disbursement of about US$185.2 million to Ghana.

The Board also approved a waiver of the non-observance of a few program targets.

In an interview with Accra-based Citi FM, Country Manager for the IMF, Touna Mama said “The Ghanaian story, as the market likes to call it is a good one. There are really a lot of prospects to look up to. The results that have been shown and the important reforms that have been put in place in the last months are important building blocks going forward.” 

He said Ghana is in a much better state adding that “there are other elements. If you look at the Eurobond issued, that story seems to be shared by investors as well. They seem to be excited about the prospects for Ghana as well.”

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