Finance

Business IMF approves Ghana’s request for $3billion bailout

Bloomberg has reported that the International Monetary Fund has approved Ghana’s request for a $3 billion bailout to support Ghana’s economic recovery, according to its sources

The IMF’s Executive Board met to discuss approval for the funding on Wednesday.

The report however added that the announcement will be done later in the day.

The Minister of State in charge of Finance, Dr. Mohammed Amin Adam, had disclosed that the International Monetary Fund will likely approve the first tranche of the $600 million loan for Ghana by Wednesday, May 17, 2023.

According to him, the government expects the IMF Executive Board to approve the credit facility after meeting all pre-conditions and requirements particularly after financing assurances have been granted by official creditors, China and the Paris Club.

“We expect a deal on Wednesday. With the disbursement, there is going to be $600 million as a first tranche just immediately after the approval,” he told Reuters via phone.

Dr Amin Adam was however optimistic that the funds will be disbursed into the Bank of Ghana account within a week of the IMF Board’s approval.

Source: www.ghanaweb.com

Ogyem Solomon

Solomon Ogyem – Media Entrepreneur | Journalist | Brand Ambassador Solomon Ogyem is a dynamic Ghanaian journalist and media entrepreneur currently based in South Africa. With a solid foundation in journalism, Solomon is a graduate of the OTEC School of Journalism and Communication Studies in Ghana and Oxbridge Academy in South Africa. He began his career as a reporter at OTEC 102.9 MHz in Kumasi, where he honed his skills in news reporting, community storytelling, and radio broadcasting. His passion for storytelling and dedication to the media industry led him to establish Press MltiMedia Company in South Africa—a growing platform committed to authentic African narratives and multimedia journalism. Solomon is the founder and owner of Thepressradio.com, a news portal focused on delivering credible, timely, and engaging stories across Ghana and Africa. He also owns Press Global Tickets, a service-driven venture in the travel and logistics space, providing reliable ticketing services. He previously owned two notable websites—Ghanaweb.mobi and ShowbizAfrica.net—both of which contributed to entertainment and socio-political discussions within Ghana’s digital space. With a diverse background in media, digital journalism, and business, Solomon Ogyem is dedicated to telling impactful African stories, empowering youth through media, and building cross-continental media partnerships.

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