First IMF liquidity will be credited to BoG account this week – IMF Managing Director Kristalina Georgieva

The first batch of liquidity from the International Monetary Fund (IMF) to support the country’s balance of payments is expected to be credited to the Bank of Ghana account this week. Global Intelligence is aware that the IMF Executive Board will approve the “cash disbursement” as soon as they review the application for the Ghana program on Wednesday, May 17, 2023.

Part of the first batch will arrive on Friday, May 19, 2023, while the rest is expected to be disbursed in June 2023.
Disbursement details

The transfer, according to Joy Business, will be made in two installments; whichever comes before Friday, May 19, 2023, or Monday, May 22, 2023.

Another disbursement is expected to be made in June 2023. Ghana welcome IMF mission in June 2023 to review Ghanaian program considerations.
Another review is scheduled to take place just before the end of 2023, possibly in December 2023, before the final disbursement.

All funds will be disbursed directly to the Bank of Ghana account to meet Ghana’s balance of payments needs.

Ghana is expected to receive around $3 billion over a three-year period under the IMF program.
IMF Ghana Program

Ghana received the necessary financial guarantees from Ghana’s Committee of Creditors last week under the Common G20 Framework, which includes China. This comes after IMF Managing Director Kristalina Georgieva indicated that Ghana would receive funding guarantees under the common G20 framework.

She noted that this decision will help Ghana free up much-needed capital from Ghana’s development partners.
“I also strongly support the Committee’s call for private creditors and other formal bilateral creditors to commit to equivalent debt settlement measures,” said IMF