$360m 3rd tranche IMF cash to hit BoG account by close of today Monday – Finance Minister
The Finance Minister Dr Mohammed Amin Adam has said that the 360 million third tranche of the International Monetary Fund (IMF) is expected to hit the Bank of Ghana account by the close of today Monday, July 1.
He said this during a joint IMF, Ministry of Finance, and BoG press conference in Accra on Monday, July 1.
Addressing the press , he said “The Cedi has been under pressure in recent times, however, the exchange rate has largely stabilised since 2023. Year-to date depreciation of the cedi against the US$ is 18.4% compared to 22.0% recorded in the same period in 2023.
“The key measures we are implementing to deal with the recent depreciation include: tight monetary policy by the BoG; deepening the ongoing fiscal consolidation programme; intensifying the gold-for-oil programme and the BoG’s gold-for-reserves programme; and anticipated Forex inflows from disbursements from our multilateral and bilateral institutions as well as private sector financial institutions. These include the IMF 3rd Tranche of US$360 million which will be disbursed to Ghana by close of business today Monday 1st July 2024, following the IMF Executive Board approval of the 2nd Review last Friday; the IMF 4th Tranche of US$360 million expected in Q4 of 2024 after IMF Executive Board approves the 3rd Review; the World Bank DP02 tranche of US$300 million expected in Q3 of 2024; and disbursements from bilateral institutions/financial institutions including the World Bank GARID Project (US$150 million), EBID facility of US$200 million for SME support, and anticipated proceeds from 2024/2025 Cocobod syndication of up to US$1.5 billion in Q4 of 2024.”
