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IMF board to approve US$360 million for Ghana in June 

Stephane Roudet, IMF Ghana chief

Stephane Roudet, IMF mission chief for Ghana

The executive board of the International Monetary Fund (IMF) will convene to approve the third tranche of the US$3 billion contract for Ghana by the end of June 2024, mission chief to Ghana, Stephane Roudet has said.

After receiving funding guarantee from holders of its Eurobonds, the country is seeking to sign a memorandum of understanding (MoU) with its official creditors in order to access the fund’s next round of financing support.

“We are hopeful, confident however you want to put it that this will happen in time for us to be able to have a board meeting and executive board meeting and complete the second review of the programme before the end of June”, Roudet gave the timeline during a media round table in Washington DC.

“But this is a tentative schedule that we have in mind and this is the timeline that we are working towards. The Fund is demanding an agreement between the official creditor committee and the Government of Ghana, subject to approval.”

This comes just few days after the Finance Ministry said it had reached a provisional arrangement with bondholders prior to the memorandum of understanding (MoU), which is required to open the door to the subsequent tranche being signed.

Meanwhile, the IMF has reaffirmed its dedication to helping Ghana carry out its plan, which it hopes will put the country’s economy back on track.

“I should add here that the fact that they’ve not reached an agreement with its Eurobond holders will not prevent us from being able to provide more financing, although reaching that agreement is of course important”

“To be clear they have provided financing assurance, so we are not envisaging that to be an issue with our ability to conclude the next review and provide the disbursement”, Abebe Aamro Selassie, the head of the Africa Department said during a press conference at the sidelines of the 2024, Spring meetings in Washington DC, USA.

Reporting by Nana Oye Ankrah in Washington DC, USA

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