Ghana Receives First $600 Million Tranche Of $3 Billion IMF Loan1 min read

The first inflow of funds arrived on Friday, May 19, 2023.

The office of the finance ministry had earlier tweeted to receiving the first inflow of relief funds from the IMF

@thebankofghana informs me that the first tranche of $600 million of Ghana’s low-interest $ 3 billion ECF facility has been received. These funds will be used for BOP & budget support and will also help stabilize the FX rate & trigger a cascading effect on inflation #GhanaRising

Ghana is also expected to receive another tranche of funds by June 2023.

All the funds will be paid directly into the Bank of Ghana’s account to support Ghana’s balance of payments needs.

The IMF Mission will June 2023 visit Ghana to review Ghana’s program considerations before the final disbursement in December.

Ghana reached out to the International Monetary Fund seeking a relief program to alleviate the economic plights of the country.