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The IMF is set to deposit the third tranche of $360 million into Ghana’s account today.”

Written by on July 1, 2024

The International Monetary Fund (IMF) is set to release the third tranche of $360 million to Ghana today, Monday, July 1st, following a successful review of the country’s performance. According to the IMF, Ghana has demonstrated strong performance under the program.

Finance Minister Dr. Mohammed Amin Adam and the IMF’s country manager will hold a joint news conference this afternoon to announce details of this latest development.

Dr. Adam expressed optimism about Ghana’s economic future, stating, ‘After meeting the requirements for the second review and securing staff-level agreement, I am pleased to announce that Ghana’s second review has been overwhelmingly approved by the IMF Executive Board. This follows the approval of the first review in January 2024, marking a significant step towards achieving macroeconomic stability.’

Meanwhile, Dr. Elikplim Kwabla Apetorgbor, CEO of the Chamber of Independent Power Generators, Ghana (IPPS), disputed statements by Dr. Adam regarding negotiations with Independent Power Producers (IPPs), asserting that there has been no agreement on a haircut after six years of talks with the Ghanaian government.

“The most recent discussions between some IPPs and Ghana’s negotiating team took place in April 2024, and no agreement on any terms has been reached since then.

He criticized, ‘Claims and generalizations that the government has finalized a debt restructuring deal with the IPPs are misleading and amount to deceiving the public.’

‘We urge the Minister of Finance to refrain from making such inaccurate statements and instead promote transparent and honest communication,’ he emphasized.

He concluded by affirming that the IPPs remain committed to constructive dialogue and seek a mutually beneficial resolution to the ongoing discussions.

However, it’s understood that only two IPPs, CenPower and Amandi, have agreed to the government’s proposal to restructure their debts. The remaining IPPs—Karpowership, Twin City Energy, Sunon Asogli, Cenit Energy, and AKSA—have rejected the government of Ghana’s haircut proposal.”

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