IMF board approves disbursement of USD 114m to Ghana

The IMF board has approved the disbursement of 114 million dollars to Ghana.

This was after the board met today to review the country’s performance under the program.

Joy Business is learning that the board passed a satisfactory verdict on Ghana about how it has performed under the program.

This will aid the disbursement of the second tranche of funds to Ghana which is expected to hit Bank of Ghana account soon.

The review is first since the IMF approved Ghana’s three year program in April this year.

The 114 funds will also help prop up Ghana’s reserves to help stabilize the depreciating cedi, which is currently recording some gains against the US dollar.

The IMF programme was seen as the trigger that will help turn around the economy and address the uncertainty issues facing it.

However, few months after the programme the economy is still facing numerous challenges, notable among them being a tumbling cedi.

The IMF program was secured in April this year for the release of 918 million dollars spread over three years to stabilize Ghana’s economy.