Ghana expects the International Monetary Fund to approve a first loan tranche of $600 million as soon as Wednesday, paving the way for disbursement within a week, Minister of State in the Finance Ministry Mohammed Amin Adam told Reuters on Sunday.
, IMF Managing Director Kristalina Georgieva said Ghana's official creditors had provided the necessary financing assurances for the IMF Executive Board to look at signing off on the loan.
He said a second tranche of $600 million is expected to be approved after a successful first review of the programme, sometime in November or December, with the rest disbursed in equal tranches of $360 million after semi-annual reviews. Like some other smaller, riskier emerging markets including Sri Lanka and Zambia, Ghana faces a debt overhaul after its already strained finances buckled under the economic fallout from COVID-19 and Russia's invasion of Ukraine.
Adam said he expected negotiations with both sets of creditors to go well once the IMF signs off on the loan.
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