Ghana’s request for a $3 billion balance of payment support to stabilize the economy has finally been approved by the International Monetary Fund (IMF).
In the ensuing hours, it is anticipated that IMF will issue a press release with additional information regarding the approval.
According to the government, once Ghana’s scheme is approved by the IMF Executive Board, around $600 million will be distributed to the country in a week’s span.
By December 2023, the second payout tranche is expected be resealed to the country.
Subject to fulfilling other requirements of the IMF program, the remaining cash will be paid out in tranches of $360 million every six months.
Meanwhile the disbursement of the 3 billion dollars will be spread over a period of three years.
The programme also enjoins other donors to support the country’s quest to recover from an economic downturn.
Moreover, to ensure transparency in the rollout of the programme, it is reported that the full details of the economic recovery measure will be published for all to see once it is approved by the IMF.
This was disclosed by the Minister of State at the Finance Ministry, Dr Mohamend Amin Adam.
“As a result of this, the government has instructed the IMF to publish all the document once the approval has been given. The documents will be out there for the public to continue to scrutinise and to help monitor. It is important because we are suppose to implement a number of measures and to the extent that the public must know what these measures are.”
“Through this, they [Ghanaians] will be able to ask relevant questions as to how we are performing. Public accountability will continue to be a feature of the Ghanaian politics. We have a strong parliament who are not afraid to ask relevant questions and so we want to be as transparent as possible and that is the commitment the president [Akufo-Addo] has made,” Dr. Amin Adam said.