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IMF bailout: Ghana on track to receive 2nd tranche in December – Ofori-Atta
Finance Minister Ken Ofori-Atta says Ghana is on track to receive the second tranche of the IMF bailout cash in December to support the government’s balance of payments (BOP) for 2023 and 2024.
The Bank of Ghana’s June 2023 summary of the Economic and Financial Stability Report shows that the bank’s BOP at the end of June 2023 recorded a deficit of $107.8 million, approximately 0.1% of GDP.
This, the bank said, was significantly lower than the deficit recorded during the same period in 2022.
Speaking at the 3rd GIPC-CEO breakfast meeting in Accra, Mr Ofori-Atta said the government is ready to have its first review with the IMF in November, as it awaits the second tranche of $600 million.
“We are ready for the mission that comes at the end of September so that we can try and get the staff level agreement, while the mission is here, and then we go to the board in November for the release of the 2nd tranche which will be $600 million. In addition to that, there are certain things we need to do with the World Bank so that we can get our DPO, which will be another $300 million. I believe that we are on course to maybe get a billion dollars to support Bank of Ghana’s balance of payment issues.”
He further expressed confidence in concluding talks with the Paris Club and its bilateral creditors by the end of the year.
Ghana in May 2023 received the first tranche of its $3 billion bailout package from the International Monetary Fund (IMF).
The first tranche of the $3 billion three-year extended credit facility Ghana secured from the IMF was aimed at reviving its ailing economy.
The International Monetary Fund (IMF) in August 2023 cautioned the Bank of Ghana, emphasizing the importance of upholding its policy mandates despite the financial setback experienced in the fiscal year ending 2022.
The IMF emphasized that it remains essential for the central bank to take decisive measures to steer inflation back to its designated target of 8 percent.
“The loss the BoG incurred in the process has contributed to reducing its net equity to a negative value. Importantly, however, this does not prevent the BoG from fulfilling its policy mandates and ensuring inflation gradually returns towards its 8-percent target”, the IMF said in a press release.
The IMF has, however, backed the Bank of Ghana’s GHS 60 billion loss saying the impairment which was brought on by the government’s Domestic Debt Exchange (DDE) was necessary to “restore macroeconomic stability and public sustainability.”
Source: Citinewsroom.com
The Diaspora Affairs Office at the Office of the President has hosted a delegation of African diaspora women who are in Ghana ahead of a planned Presidential Conferment of Citizenship ceremony.
The Director of Diaspora Affairs, Kofi Okyere Darko, explained in a Facebook post that the visit was a gesture of appreciation by the delegation to the Government of Ghana for its continued efforts to reconnect Africans in the diaspora with their ancestral homeland.
He indicated that the ceremony, scheduled for next Monday, will officially grant Ghanaian citizenship to members of the delegation as part of the country’s broader engagement with the African diaspora.
The delegation was led by Erica Bennett, Founder of the Diaspora Africa Forum.
According to Mr Okyere Darko, her years of advocacy have played an important role in strengthening ties between Africa and people of African descent living abroad.
He noted that the group’s journey towards citizenship represents not only a legal process but also a cultural and spiritual return to their roots.
Also present at the meeting was Natalie Jackson, an attorney who is also expected to receive Ghanaian citizenship during the ceremony. She works closely with renowned civil rights lawyer Ben Crump.
Mr Okyere Darko emphasised that Ghana remains committed to strengthening relationships with the African diaspora and promoting unity, identity, and shared heritage among people of African descent worldwide.
By: Jacob Aggrey
Ghana Tourism Authority is leading Ghana’s participation at ITB Berlin, which opened in Berlin with a vibrant national pavilion highlighting Ghana’s rich cultural heritage, tourism destinations and investment opportunities.
March 5 has been designated as Ghana Day, a special platform to promote Ghana’s languages, cuisine, Kente, festivals and business prospects to the global tourism community. The stand has already drawn strong interest with traditional arts and crafts displays, immersive multimedia presentations and popular Ghanaian snacks.
Seven private-sector players are exhibiting alongside government officials as part of efforts to deepen trade partnerships, expand market access, and attract investment across the hospitality, heritage tourism, ecotourism, and creative arts sectors.
Ahead of the official opening, the Ghana delegation also engaged young Ghanaian investors in Germany in collaboration with V Afrika-Verein and the Ghana Embassy, strengthening diaspora investment linkages and highlighting opportunities within the tourism value chain.
Ghana’s coordinated presence at ITB Berlin 2026 reinforces its strategy to position the country as the Gateway to Africa and a competitive destination for leisure travel and global investment.
