September 7, 2023 – Accra
Ghana’s Finance Minister, Ken Ofori-Atta, has expressed his confidence that the nation will secure the second tranche, valued at $600 million, of the International Monetary Fund (IMF) bailout package by the end of this year. This announcement comes as part of Ghana’s ongoing efforts to address its economic challenges.
In May of this year, Ghana inked a new bailout agreement with the IMF, totaling $3 billion over three years, with the primary aim of mitigating the country’s economic difficulties. The initial disbursement of $600 million was received; however, further funding is contingent on the government’s implementation of specific measures.
A crucial review is scheduled for November, and Finance Minister Ofori-Atta has highlighted the progress made by Ghana in fortifying its fiscal position and addressing balance of payments requirements. One of the notable steps taken to meet IMF conditions is the expansion of the country’s tax base through the introduction of new measures, including a 10% levy on betting and lottery winnings. These measures are intended to bolster revenue generation in alignment with the IMF’s stipulations.
Ghana’s commitment to fiscal responsibility and its willingness to take proactive steps to strengthen its economy signal a positive outlook for the nation’s financial stability. As the review date approaches, all eyes will be on Ghana’s progress towards fulfilling the IMF’s requirements and securing the much-needed financial support to address its economic challenges.
