The International Monetary Fund (IMF) has emphasized that Ghana will only gain access to approximately $600 million following a review by its Board of the country's program.

This is contingent upon Ghana finalizing a debt restructuring agreement with external creditors, with a particular focus on discussions with China, which has proposed a new cut-off date.

Ongoing discussions with the Official Creditor Committee aim to determine an agreed-upon date for the debt restructuring process.

Director of the IMF's Communications Department, Julie Kozack, stated during a press conference in Washington D.C., USA, that the Board can proceed to approve the $600 million second tranche funding once discussions with external creditors are successfully concluded, and the outcomes are presented to the Board.

“Once this review was completed by the Board, Ghana would have access to $600 million in financing”, she said.

She emphasized the importance of Ghana completing discussions with external creditors.

“To ensure timely completion of the review, official creditors and the Ghanaian authorities will need to reach agreement on a debt treatment, consistent with the objectives of the programme, and in line with the financing assurances that creditors provided in May of 2023”, she said.

She expressed optimism that both parties will reach an agreement soon.

“Discussions between the Ghanaian authorities and the Official Creditor Committee are ongoing, and we certainly hope that an agreement can be reached soon so that we can rapidly bring the program to the Board”.

Regarding Ghana's macroeconomic indicators, Julie Kozack mentioned that growth in 2023 has demonstrated more resilience than initially anticipated.

“Inflation has come down, and the fiscal and external positions have improved”.

She added that the exchange rate volatility has declined.