Prime News Ghana

No deadline has been set by IMF for second tranche disbursement - Finance Ministry

By Vincent Ashitey
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The Ministry of Finance says Ghana has not missed any November 1, deadline for the disbursement of a second tranche of $600 million loan from the International Monetary Fund (IMF) contrary to reports.

A statement on Friday, November 10, explained that the said November 1, 2023, was rather, an indicative timeline for the completion of the first review, which was achieved on October 6.

“There is no 1st November, 2023 timeline for disbursement of the second tranche of the IMF funds… The exact timeline for the Board date is determined by the IMF Executive Board,” the statement noted.

The IMF Board is expected to meet in the third week of November over the approval of Ghana’s Staff Level Agreement (SLA) for the disbursement of another US$600m, having a completed a first review of the US$3 billion loan-support programme.

“It is trite knowledge that the IMF Executive Board Meeting to approve Ghana’s first review, must occur before the disbursement of the next tranche of IMF Funds,” the statement explained.