Ghanaian lawyer and the current Minister of Information, Kojo Oppong Nkrumah, has said that the government must meet a number of requirements before the IMF will release all seven tranches of the $3 billion credit facility.
The International Monetary Fund (IMF) Executive Board granted the nation’s $3 billion bailout request on Wednesday, May 17, 2023. The Bank of Ghana’s account has received the initial deposit of $600 million.
According to Kojo Oppong Nkrumah, the $3 billion will be distributed in seven installments. He also said that the remaining tranches will be released as and when the nation meets the IMF’s performance standards.
Speaking in an interview on Peace FM, monitored by 1Family Radio, the politician noted that the program is a three-year program; therefore, the money will be released across the three years.
“It’s a three-year program lasting till the 16th of April, 2026. It has been structured in a way that, after the approval of the Board, they have to release $600 million, and then in November, they will release another $600 million on condition that we meet the performance criteria,’’ he explained.
The third tranche, totaling $360 million, will be released in May 2024, he continued. The remaining funds should be made available between May and October of 2025 and April of 2026.
Kojo came to the conclusion that the country’s budget assistance and balance payment will be covered by the first tranche of the $600 million that has been deposited into the Central Bank account.
Source: 1Familyradio
