Finance Minister, Ken Ofori-Atta has confirmed Ghana\u2019s receipt of the first tranche of US$600 million out of a US$3 billion bailout from the International Monetary Fund (IMF).<\/p>\n

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Ofori-Atta listed three major priority areas in the economy that the funds will go to address in a tweet posted hours after the apex bank confirmed receipt of the funds.<\/p>\n

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The funds, he said, will be used for: Balance of Payment (BOP) & budget support, as well as to \u201chelp stabilise the FX rate & trigger a cascading effect on inflation.\u201d<\/p>\n

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$\"\"$ <\/div>\n

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His full tweet of May 19 read: \u201cBank of Ghana informs me that the first tranche of $600 million of Ghana\u2019s low interest $3billion ECF facility has been received. These funds will be used for BOP & budget support and will also help stabilise the FX rate & trigger a cascading effect on inflation.\u201d<\/p>\n

The facility was approved by the IMF Board this week after major creditors (China and the Paris Club) gave financing reassurances.<\/p>\n

Subsequent releases will be based on Ghana\u2019s adherence to laid down processes agreed with the Fund, as well as the implementation of strict regulations back home.<\/p>\n","protected":false},"excerpt":{"rendered":"

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