The Bank of Ghana (BoG) has confirmed the receipt of $360 million, representing the third tranche of Ghana’s bailout package with the International Monetary Fund (IMF).
This follows the IMF Executive Board’s approval of the second review on June 28, 2024.
The funds, intended for budget support and stabilization of the local currency, were officially credited to the Central Bank’s account on July 2, 2024.
With this tranche, Ghana has received a total of $1.56 billion out of the $3 billion approved under the three-year extended credit facility.
According to Citi News, the money will be utilized to support activities outlined in the 2024 budget. The fourth tranche of $360 million from the IMF is expected in the fourth quarter of 2024, pending the approval of the third review by the IMF Executive Board.
Additionally, the World Bank is expected to disburse $300 million in the third quarter of 2024. Other anticipated funds include $150 million from the World Bank’s GARID Project and a $200 million facility from EBID for SME support, both expected in the fourth quarter of 2024.
Proceeds from the 2024/2025 COCOBOD syndication, potentially up to $1.5 billion, are also expected in the fourth quarter of 2024.
