Govt debunks missing IMF disbursement deadline claims

The Ministry of Finance has issued a statement, addressing recent speculations and concerns surrounding the disbursement of a second tranche of a $600 million loan from the International Monetary Fund (IMF).
Contrary to reports suggesting a missed November 1, 2023, deadline, the Ministry of Finance clarified that the mentioned date was an indicative timeline for the completion of the first review, which was successfully achieved on October 6.
In an official statement, the Ministry asserted, “There is no 1st November 2023 timeline for the disbursement of the second tranche of the IMF funds. The exact timeline for the Board date is determined by the IMF Executive Board.”
The IMF Executive Board is anticipated to convene in the third week of November to deliberate on the approval of Ghana’s Staff Level Agreement (SLA) for the disbursement of another $600 million.
This follows the completion of the first review of Ghana’s three-year $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 emphasized.
Highlighting the critical nature of the situation, the Fund noted at the end of the Staff Mission that it was imperative for Ghana to reach an agreement with its external creditors. This agreement would outline specific debt treatments that external creditors would agree upon as part of the implementation of the government’s ongoing three-year US$3 billion IMF loan-support programme.
In response to this, the Ministry of Finance assured that the Government of Ghana is making good progress in accordance with its strategic plan.
This includes engaging the Official Creditor Committee (OCC) of the Paris Club, securing a Memorandum of Understanding on debt restructuring, and presenting the case before the IMF Executive Board for the approval of the first review.
The Ministry also took the opportunity to encourage the public and media houses to seek accurate information and verify facts whenever doubts arise. The statement emphasized the importance of obtaining the truth about any information that comes to their attention