SUN, SEPT 10 2023-theGBJournal |Ghana, the nation that had prompted a cautious “wait and see” approach from observers, is now making progress towards receiving the second installment of $600 million from the IMF bailout.
This development was disclosed by the Finance Minister, Ken Ofori-Atta, who explained that a review in November is expected to pave the way for this disbursement.
He emphasized that the government is diligently working to facilitate the receipt of these funds by the Central Bank. The aim is to address balance of payments (BoP) challenges for the years 2023 and 2024, ultimately restoring macroeconomic stability.
According to the Bank of Ghana’s Economic and Financial Stability Report for June 2023, there was a BoP deficit of $107.8 million at the end of June 2023, roughly equivalent to 0.1% of GDP. Notably, this deficit is considerably lower compared to the same period in 2022.
Ofori-Atta also underscored the government’s commitment to implementing rigorous measures aimed at boosting revenue as part of their broader strategy to reestablish macroeconomic stability.
Furthermore, the finance minister mentioned that certain conditions need to be met in collaboration with the World Bank to secure a Development Policy Operation worth an additional $300 million for the country.
Twitter-@theGBJournal|Facebook-the Government and Business Journal|email:gbj@govbusinessjournal.com| govandbusinessj@gmail.com
