Ghana has adjusted its timeline for securing the second tranche of the IMF bailout to January 11, 2024, as reported by Joy Business.

The shift comes as the nation engages in negotiations with the Official Creditor Committee (OCC) to finalize terms for a debt exchange program with its external creditors.

Insiders familiar with the OCC negotiations reveal significant headway, especially in discussions with key player China regarding the debt swap.

Originally, Ghana was slated to meet with the IMF Executive Board in November 2023 to finalize an agreement with external creditors, paving the way for the disbursement of the $600 million second tranche loan facility.

Ghana had sought financial assistance from the IMF on July 1, 2022, in response to significant economic challenges in 2022. The primary goals were to restore macroeconomic stability and provide support for the balance of payments.

The first tranche of the $3 billion IMF Extended Credit Facility, amounting to $600 million, was successfully secured on May 17, 2023, after meeting all stipulated conditions.

Ghana is anticipated to remain under the IMF program for a three-year period as it addresses economic challenges and works toward sustained stability.