The second tranche of 600 million dollars IMF bailout package has hit the Bank of Ghana’s (BoG) account. The funds meant for budget support and stabilization of the local currency, was officially credited to the Central Bank’s account on January 23, 2024. This means Ghana has received a total of one-point-two billion dollars out of the 3 billion dollars approved under the three-year extended credit facility in May last year.
Reports say unlike the first tranche which was meant to address Ghana’s balance of payment issues, all of the second tranche will be used to finance projects and programmes in the 2024 budget.
The IMF on January 19, approved the second tranche after Ghana struck a deal with its bilateral Creditors including China and France, a key step that triggered the second disbursement. Barring any hitches,
Ghana’s next IMF programme review will take place in six months for the third tranche of 720 million dollars.
Meanwhile, an Economist, Peter Terkper has emphasized the need for government to be transparent in the use of the second tranche of 600 million dollars from the International Monetary Fund, IMF.
He suggested that the government should publicly disclose a detailed list of specific projects, their costs, and expected completion timelines.
Speaking to GBC Business News, Mr. Terkper explained that making this information public would help Ghanaians understand how the funds will directly contribute to the country’s economy. He cautioned Managers of the economy against investing in projects that may not be completed because it’s an election year.
Mr.Terkper mentioned road infrastructure and financial injections into banks as areas
that government must prioritize.
He noted that focusing on these areas could lead to the stability of the forex , making it easier for people to engage in global transactions.
