IMF bailout $114m of $918m IMF bailout hits BoG account

The first tranche of the $114 million of the International Monetary Fund bailout hit the accounts of the Bank of Ghana.

  • Published:
24/7 Live - Subscribe to the Pulse Newsletter!

Ghana’s Central Bank has received the first tranche of the $918 million bailout package from the International Monetary Fund (IMF).

The $114 million hit the accounts of the Bank of Ghana Tuesday, April 14, 2015.

The amount is expected to shore up the ailing Cedi which has already depreciated by close to 15 per cent this year after a marginal stability in the last quarter of last year following the infusion of $2.7 billion into the economy through an oversubscribed $1-billion Eurobond instrument and a $1.7-billion syndicated loan from the Ghana Cocoa Board.

The Cedi is selling at almost Ghc4 to $1 on the forex market. It is feared it could fall further if the $114 million delays further.

The Executive Board of the IMF on Good Friday approved a three-year arrangement under the Extended Credit Facility (ECF) for Ghana in an amount equivalent to SDR 664.20 million (180 percent of quota or about US$918 million) in support of the authorities’ medium-term economic reform programme.

The programme aims to restore debt sustainability and macroeconomic stability to foster a return to high growth and job creation, while protecting social spending.

Source: Starrfmonline

Download our mobile app today.

Android - Google Play Store

iPhone - Apple App Store

Recommended Articles

Recommended Videos





Top Articles

1 Asantehemaa's Death Funeral of Asantehemaa underway [Photos]bullet
2 Inauguration Day Nana Addo makes fun of plagiarism gaffebullet
3 Ghana's Transition Mahama packs out of state bungalowbullet
4 NPP Government Foreign Ministry re-assigns director of passportbullet
5 Asantehemaa’s Funeral Nana Afia Kobi to be buried with gold...bullet
6 Refugee Ghanaian to lose fingers after 7-hour trek to cross US...bullet
7 Transition Challenges NDC, NPP clashes over DCE'S car in...bullet
8 Christmas Hamper Nana Addo rejects GH¢500,000 from...bullet
9 Nude Pictures Journalist arrested for blackmailing women...bullet
10 Catherine Afeku Group accuses Tourism minister...bullet

Top Videos

1 In Zimbabwe President Mugabe’s 70 year-old aide marries his 23-year-old...bullet
2 Refugee Ghanaian to lose fingers after 7-hour trek to cross US borderbullet
3 Vitiligo Enam Honya - is challenging what you think about beautybullet
4 Obinim What happen'd when we fact checked Obinim's Bible knowledgebullet
5 Kwame Nkrumah Interchange Water leaks from hole in wall at new...bullet
6 Woyome Judgement Debt Kweku Baako dances over Amidu's winbullet
7 Video Taxi driver terrified after an encounter with a ghostbullet
8 Obinim saga We had sex only once - Obinim victims confessbullet
9 Accra Floods Adabraka floods after downpourbullet
10 Trade Fair Fire Police give an update on La Gas explosionbullet

News