The Finance Ministry has reported that the interest rate on the $3 billion loan the International Monetary Fund (IMF) provided is quite low.
On May 17, 2023, the IMF’s Executive Board met in Washington and unanimously authorised a $3 billion bailout for Ghana. On the day the bailout was approved, $600 million of the $3 billion loan was released, with the remaining $350 million to be released every six months for the course of the three-year plan.
The Finance Ministry announced in a post that the initial loan payment had been received. The ministry also said that the $600 million will help restore the economy’s stability and support the nation’s debts at a reasonable interest rate. Under the IMF programme, Ghana will receive around $3 billion over the course of three years.
“The first tranche of $600million of Ghana’s low-interest of $3billion Extended Credit Facility has been received to help restore macroeconomic stability, sustain the country’s debts, and lay a strong foundation for inclusive growth.”
A member of parliament representing Tamale South, Haruna Iddrisu, has expressed concern over certain parts of the agreement between the government of Ghana and the International Monetary Fund (IMF). He said the proposal was “extremely ambitious,” especially in light of the proposed conditions. According to him, the incoming government would have significant difficulties due to the conditionalities’ inherent character.
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