Finance Minister Ken Ofori-Atta has announced that the anticipated $600 million second tranche of the International Monetary Fund (IMF) bailout package, expected next week, will be allocated for specific programs outlined in the 2024 Budget.

The IMF's Executive Board is scheduled to convene on January 19, 2024, in Washington DC, USA, to conduct Ghana's first review under the Fund program.

Upon approval by the board, the $600 million is set to be disbursed to Ghana within the following three working days. Mr Ofori-Atta emphasized that Ghana has fulfilled all the necessary requirements to secure the funding.

“We are very optimistic that Ghana will pass this review when the Executive Board of the IMF meets on January 19, 2024”, he expressed hope in an engagement with Joy Business.

The initially scheduled meeting for Friday, January 19, 2024, faced postponements due to challenges in Ghana securing necessary "financing assurance" from bilateral creditors via the official creditor committee on debt restructuring.

The board had rescheduled the meeting multiple times since November 2023, and it was eventually moved from January 18 to January 19, 2024. This adjustment allowed the board three working days to review documents submitted by the IMF staff.

Despite the earlier hurdles, the board proceeded with the meeting after Ghana reached an agreement with bilateral creditors on restructuring approximately $5.4 billion in debts. The board is expected to release a staff report detailing Ghana's program status and government performance over the past month.

Finance Minister Ofori-Atta is optimistic that the "possible disbursement" of funds will unlock additional support from Ghana's donors.

The World Bank Board is set to convene on January 25, 2024, to approve the disbursement of around $550 million. Of this, $300 million will be allocated to various projects in the budget, while $250 million will contribute to the Ghana Stability Fund, supporting institutions affected by the Domestic Debt Exchange Programme.

By the end of January 2024, Ghana anticipates securing over $1.1 billion from the IMF and World Bank to bolster its economy.