IMF Cash In Limbo: Ghana Misses Out On Timeline For Second $600M Payment

• Ghana has missed the timeline set in the IMF programme to get the second tranche of the $3 billion bailout package
• Reports indicated that Ghana has not been able to meet all the necessary financing assurances from its creditors
• Ghana has already submitted proposals to its commercial creditors seeking a haircut of up to 40 percent

Ghana missed the November 1, 2023, timeline set by the IMF to get a second tranche of the $3 billion bailout package.

The missed timeline is because Ghana struggles to renegotiate its external debts.

Ghana is still in talks with its external creditors for debt relief worth $10.5 billion.

Joy News reported that Ghana has already submitted proposals to its commercial creditors seeking a haircut of up to 40 percent.

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Joy News checks from the Fund's programme document indicated that Ghana has failed to get the necessary financing assurances from its creditors.

These assurances would allow the government to access the second tranche worth $600 million.

This was scheduled to hit Ghana's account by November 1, 2023.

The IMF reached a staff-level agreement with Ghana on the first review of Ghana's economic program under the Extended Credit Facility arrangement early in October.

The agreement hinged upon the government renegotiating debts.

YEN.com.gh earlier reported that the Akufo-Addo administration faced an uphill task to secure the second tranche of the $3 billion IMF bailout cash.

Bright Simons of IMANI has disclosed that the government is struggling to convince the IMF to sign off on the $600 million.

His comments follow the response by Addison that described MPs taking part in the OccupyBoG protests as hooligans.

NDC MPs criticise Addison for snubbing them during the demo

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Meanwhile, YEN.com.gh reported in a related story that the Minority in Parliament accused Bank of Ghana governor Ernest Addison of disrespect.

Addison did not show up to meet the Minority Members of Parliament planning to petition at his office.

The Ningo-Prampram MP, Sam Nartey George, called the governor a coward because of his absence.

Source: YEN.com.gh