The second tranche of Ghana’s bailout deal with the International Monetary Fund (IMF) has been confirmed to have been received by the Bank of Ghana (BOG).

Today, Tuesday, January 23, 2023, saw the formal crediting of the monies intended for local currency stabilisation and budget support to the Central Bank’s account.

This indicates that of the $3 billion authorised under the three-year extended credit facility in May of last year, the government, guided by President Nana Akufo Addo, has received a total of US$ 1.2 billion.

The payment will support Ghana’s debt sustainability while assisting in its recovery, luring investments and reestablishing a path for sustainable prosperity.

Following Ghana’s agreement with its bilateral lenders, which included China and France, late last week—a crucial step that prompted the second disbursement—the IMF authorised the second tranche last Friday.

Ghana has done well under the project, according to the IMF, with reforms bearing fruit and indications of economic stability beginning to emerge.

If all else remains the same, Ghana’s next IMF programme review for the third tranche of US$ 720 million will happen in six months.