Ghana’s Minister of State in the Finance Ministry Mohammed Amin Adam has revealed the West African country expects to receive the first tranche of the International Monetary Fund (IMF) cash this week.
He to told Reuters on Sunday, May 14, 2023, that the first loan tranche of $600 million is expected for disbursement.
“We expect a deal on Wednesday. With the disbursement, there is going to be $600 million as a first tranche just immediately after the approval,” Adam said by phone, adding that Ghana hoped to receive the funds within a week of the board’s decision.
He further stated that a second tranche of $600 million is expected to be approved after a successful first review of the programme in November/December 2023.
Meanwhile, A financial analyst, Benjamin Nsiah, says the $3 billion IMF bailout is not going to solve the economy problems in the country.
According to him, the IMFʼs $3 billion bailout will be paid in batches and not in its full complement at a go, therefore, it will not produce any magic as far as the crisis being experienced is concerned.
He further chided government for implementing measures which instead of helping to expand local industries and their production capacity, is rather aiding in their fold up and constriction.
Mr. Nsiah also accused government of riding on the IMF bailout to create the environment to access more loans from external sources.
