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IMF bailout: US$604 million to hit BoG account on Friday, says Addison

The Governor of the Bank of Ghana (BoG), Dr Ernest Addison has confirmed that the first tranche of US$604 million out of the US$3 billion IMF bailout will hit the accounts of the central bank on Friday (19 May 2023).

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Joining a joint Ghana-IMF press conference in Washington DC via zoom, Addison said the money would boost the country’s reserves.

“…Just for your information we have had a SWIFT advice today to receive the money, value day tomorrow (19 May) which is US$604 million,” he said.

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The executive board of the IMF approved Ghana’s request for a US$3 billion bailout to support the country’s economic recovery on Wednesday (17 May).

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The Fund said its support programme for the country will focus on reining in inflation and rebuilding the country’s foreign reserve buffers.

Credit to Asaaseradio

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