The Information Minister, Kojo Oppong Nkrumah, has confirmed that Ghana has completed the requisite steps to access the second portion of the $3 billion extended credit facility provided by the International Monetary Fund.

He explained that the country's approval for the second tranche is based on the positive assessment of the Fund regarding the utilization of the first tranche received in May 2023.

He made this announcement during an interview on AsaaseRadio on October 16, 2023, “I think it is important to correct that, yes, we have signed off the agreement for the next US$600 million based on the way we passed the first review…but we are not required to complete the external credit exchange before assessing the second tranche.”

He added, “We are required to demonstrate progress, and that progress will be indicative at least in reaching an understanding with the bilateral creditors and we are hopeful that we will be able to do that before the IMF board meets.”

The finance minister has guaranteed that the government is on track to "receive assurances from external creditors" about the restructuring of external debt.

“We have met the Central Bank Governor of China and we don’t perceive any opposition or reluctance in participating positively when it comes to the Memorandum of Understanding on restructuring of our external bilateral debts,” the finance minister said.

“The Chinese government within the past months is close to reaching a similar deal with Zambia, Sri Lanka, and Suriname, so following that trend, we expect some similar cooperation from them when it comes to Ghana,” he added.

However, starting on October 16, 2023, the Minister is anticipated to meet with Eurobond creditors to discuss the conditions of the debt discussions.