2nd tranche of IMF money strikes BoG’s account

The 2nd tranche of IMF money has actually struck the Bank of Ghana’s (BoG) account today January 23, 2024. This is what Joy Business has actually gotten from individuals with understanding of the IMF program. The IMF Mission Chief for Ghana, Stephane Roudet at the Joint Press Conference in between the IMF, Ministry of Finance and Bank of Ghana last Friday divulged that the $600 million will be paid out to the accounts of the BoG “in a matter of hours”. Check out: Ghana to get 2nd tranche $600m IMF dispensation– Finance Minister However, Joy Business is finding out that the cash struck the BoG’s account today January 23. Why the dispensation? The IMF Executive Board last Friday, January 19, 2024, authorized the transfer of some $600 million to Ghana. This sought Ghana finished the 2023 Article IV assessment and the very first evaluation of Ghana’s 36-month Extended Credit Facility plan. Approval of the very first evaluation allows the instant dispensation of SDR 451.4 million (about US$ 600 million). According to the IMF, Ghana’s efficiency under the program has actually been strong. All quantitative efficiency requirements for the very first evaluation and nearly all a sign targets and structural standards were satisfied. Check out: Ghana’s financial program is starting to bear fruit– IMF employer The IMF Executive Board included that the authorities’ reforms are bearing fruit, and indications of financial stabilisation are emerging. Development in 2023 has actually shown durable, inflation has actually decreased, and the financial and external positions have actually enhanced. Development is likewise being made on financial obligation restructuring, with the domestic financial obligation exchange finished over the summer season and a contract just recently reached on the restructuring of main bilateral financial obligation. Effect of this dispensation The instant effect of this dispensation will be the Bank of Ghana’s International Reserves, as it will put it in a strong position to support the regional currency. Some market experts have actually likewise argued that it will go a long method to assist stabilise the Ghana cedi. The 2nd tranche of funds will be advanced towards supporting some tasks in the budget plan. This represents a departure from the past when “IMF money” was mostly reserved for Balance of Payment Support for the nation. DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not always represent the views or policy of Multimedia Group Limited.

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