The Bank of Ghana has received the first tranche of the $3 billion International Monetary Fund Extended Credit Facility (ECF).
Details emerging indicate that the $600 million inflow arrived the late afternoon of Friday, May 19, 2023.
A tweet from the Finance Minister, Ken Ofori-Atta disclosed that “the Bank of Ghana 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 [Balance of Payment] and budget support and will also help stabilise the FX rate and trigger a cascading effect on inflation”.
A tweet from the Finance Minister, Ken Ofori-Atta stated that “the Bank of Ghana 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 [Balance of Payment] and budget support and will also help stabilise the FX rate and trigger a cascading effect on inflation”.
Following this, an IMF Mission will visit Ghana in June 2023 to review Ghana’s programme considerations.
Before the final disbursement, another review is expected shortly before the end of 2023, possibly in December 2023.
To support Ghana’s balance of payments needs, all funds will be paid directly into the Bank of Ghana’s account.
Under the IMF programme, Ghana is expected to receive approximately $3 billion over a three-year period.
