Finance Minister, Dr. Mohammed Amin Adam, has expressed optimism regarding the release of the third tranche of the USD3 billion bailout from the International Monetary Fund (IMF).

Speaking at a press conference following the Spring Meetings in Washington on Sunday, 21 April, 2024, Dr. Adam expressed confidence in securing the tranche once a Memorandum of Understanding (MOU) with external creditors is finalised.

Dr. Adam stated: “We do not have any reason to suggest that the board will miss this because essentially we have agreed to all that we need to do and the only outstanding issue is the draft from the official creditors this May. If we have that, there won’t be any lengthy negotiation. We have already negotiated and we have agreed to the offer they gave us in principle since January… so I can tell you, we are very optimistic.”

Ghana anticipates approval for the third tranche of USD360 million during the Executive Board meeting of the IMF in June, following a staff-level agreement on the second review of the loan-support program.

Meanwhile, Director of the African Department at the IMF, Abebe Selassie, Director reassured that no additional adjustments would be required from the Ghanaian government. 

The Director expressed confidence in ongoing discussions among official creditors, which are expected to facilitate the conclusion of talks and enable the release of the third tranche of funds.

Addressing questions during a session at the World Bank and IMF Spring Meetings in Washington on Thursday, 18 April, the Director, highlighted Ghana’s fulfillment of its obligations and emphasized the remaining responsibility on external creditors to fulfill their commitments for the board’s approval of the disbursement.

He stated: “We are very hopeful that ongoing discussions among official creditors will also expeditiously allow us to conclude the upcoming review. Again, the most recent mission reached an agreement with the government on policies that are needed to tackle the most recent issues and also put in place an important budget for next year.

 “So Ghana has done its fair share, and it is for creditors to take steps on this, we are not going to ask the government to do more adjustments because creditors haven’t asked either. So we will provide all the information necessary so creditors can move, allowing us to go to the board as soon as possible.”