Ghana Anticipates IMF's Release of Third Tranche Amidst Confidence and Optimism

During a press conference following the Spring Meetings in Washington, Finance Minister Dr. Mohammed Amin Adam conveyed confidence in the International Monetary Fund's (IMF) forthcoming release of the third tranche of the three billion dollar bailout. Dr. Adam emphasized that the only outstanding requirement is the memorandum of understanding (MOU) with external creditors, expressing optimism that once secured, the process would swiftly proceed without prolonged negotiations.

Ghana is poised to receive approval for the third tranche, totaling $360 million, during the IMF Executive Board's meeting in June. The country has successfully concluded a staff-level agreement on the second review of the loan-support program, paving the way for the imminent disbursement.

Abebe Selassie, Director of the African Department at the IMF, reiterated the fund's stance that no additional adjustments would be mandated for the Ghanaian government. Selassie highlighted Ghana's fulfillment of its obligations and emphasized the crucial role of external creditors in facilitating the approval process.

Addressing concerns during the World Bank-IMF Spring Meetings, Selassie underscored the rapid progress achieved in Ghana's case compared to other nations, citing expedited discussions among official creditors. He expressed optimism that ongoing dialogues would lead to the swift conclusion of the upcoming review, commending Ghana's proactive measures in addressing pertinent issues and formulating a robust budget for the ensuing year.

Selassie reassured that the IMF would furnish all necessary information to creditors, urging prompt action to enable a timely approval by the board. Ghana, having met its obligations, now awaits the concerted efforts of creditors to advance the disbursement process without further delay.