Ghana’s Finance Minister, Ken Ofori-Atta, has revealed that the country anticipates receiving $1 billion before the end of the year. This funding is expected to support the central bank’s balance of payments and will come from multiple sources, including the IMF’s second tranche, World Bank Development Policy Operations (DPO) assistance, and Eurobond investors.
Ghana is seeking a total of $3 billion from the IMF to address its economic challenges and restore macroeconomic stability. Discussions are also underway with the World Bank to secure an additional $900 million in support, which will be disbursed over three years.
Ofori-Atta explained that the first review of Ghana’s performance indicators will take place in November, following approval. If successful, this review will lead to the release of the IMF’s second tranche of $600 million. Additionally, discussions with the World Bank will result in another $300 million through DPO.
He emphasized that the staff level agreement reached during these negotiations will strengthen Ghana’s negotiation posture, providing confidence that it will secure the Paris Club and Eurobond investors’ negotiations by year-end.
Ghana has recently completed domestic debt restructuring, cocoa bills, and reached agreements with pension funds as part of its efforts to address its economic challenges.
The funding from these sources aims to support the Bank of Ghana’s balance of payment issues and contribute to economic stability and resilience.
The Finance Minister commended the Ghana Investment Promotion Centre’s (GIPC) CEO Breakfast Meeting, emphasizing the importance of creating a business-friendly environment.
Yofi Grant, CEO of GIPC, reiterated the desire to drive partnerships between the public and private sectors and announced plans for the Mutual Prosperity Dialogues in October, which will formalize the partnership between the two sectors in the investment space.
The CEO’s Breakfast Meeting serves as a platform for stakeholders to network, share knowledge, and explore ways to promote public-private partnerships for sustainable economic development.
Source : BFTonline