Ghana is expecting to secure a $1.15 billion funding from the International Monetary Fund (IMF) and the World Bank by the end of February as bilateral creditors near agreement on the terms of a debt restructuring.
The finance minister, Ken Ofori-Atta, expresses confidence in reaching an agreement with official creditors on the terms of a debt restructuring, with a meeting scheduled for January 8, Bloomberg reported.
Once an agreement is reached, the IMF executive board can assess Ghana’s performance under the program initiated in May, paving the way for the approval of a $600 million disbursement, the second part of its $3 billion bailout.
Despite some delays, Finance Minister Ofori-Atta expects the board to convene on January 18. The approval by the board will also set in motion the release of two World Bank disbursements amounting to $550 million.
Source: BI
