IMF Decides Ghana’s Fate Under ECF Tomorrow

The board of the International Monetary Fund (IMF) will meet tomorrow, September 28, 2016 to finalize on whether or not to approve the third tranche of funding for Ghana under the Extended Credit Facility (ECF) Programme.

A Deputy Minister of Finance Mona Quartey who confirmed this to said, Ghana last week provided in full the data requested to enable the IMF board meet and make a decision on the country’s ECF programme. Speaking to Citi Business News Mona Quartey said she was optimistic the Fund will approve the next tranche of 114.6 million dollars for Ghana. “We are optimistic that the board will approve the next tranche of the facility for Ghana.

The board is meeting on the 28th of this month and shortly after the approval should come. The data has been gathered and was delivered last week, what we are waiting for is for the management of the IMF board to discuss and approve the next tranche of the credit facility”. Mona Quartey stated. Government a forth night ago disclosed it was working to present data on the country’s energy sector to the IMF which should lead to the release of the third tranche of the bailout funds. According to the Finance Ministry, the information was necessary as the Fund considers the power sector as one of the critical factors to the progress of the bailout deal. IMF programme with Ghana On Friday, 3rd April, 2015, the Executive Board of the International Monetary Fund (IMF) approved a 3-year Extended Credit Facility (ECF) Program for Ghana.

A total amount of US$918 million is to be given to Ghana as balance of payments support over the 3-year period. The total amount will be disbursed in eight equal tranches. The first disbursement was made immediately after the Executive Board approval of the program. Government is currently waiting the third tranche after an IMF team visited Ghana to undertake an assessment.