The $360 million third tranche of IMF funds has been deposited into the Bank of Ghana’s account.

The government has received $360 million as the third tranche of Ghana’s bailout package from the International Monetary Fund (IMF).

This cash is intended for budget support and to stabilize the local currency, and was officially credited to the Central Bank’s account today, Tuesday, July 2, 2024.

The release follows the Executive Board’s approval of the second review on Friday, June 28, 2024.

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

Citi News understands, 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:CNR