$360m third tranche of IMF cash hits BOG’s account

Government has received US$360 million as the third tranche of Ghana’s bailout package with the International Monetary Fund (IMF).

The cash meant for budget support and stabilization of the local currency, was officially credited to the Central Bank’s account today, Tuesday July 2, 2024.

It follows the Executive Board’s approval of the second review last Friday, June 28, 2024.

This means, Ghana has received a total of US$ 1.56 billion out of the $3 billion approved under the three-year extended credit facility.

According to Citi News report, the money will be used to support activities in the 2024 budget.

The fourth tranche of another US$360 million is expected in quarter four of 2024 after the IMF Executive Board approves the third review.

The World Bank funds of US$300 million is expected in quarter three of 2024; and disbursements from bilateral institutions/financial institutions including the World Bank GARID Project of US$ 150 million and EBID facility of US$ 200 million for SME support, and anticipated proceeds from 2024/2025 COCOBOD syndication of up to US$1.5 billion are expected in quarter four of 2024.

Source: Citi Business News