IFC Loan Still Expected - Gov't

Despite the failure to secure the release of the first tranche of $350m out of the IFC $1bn loan, government is still optimistic that the money will be secured. The first tranche had been expected by October 31, based on the loan agreement which required that Ghana issues and deposits an unconditional sovereign Government Guarantee by July 31, for the first tranche of funds to be transferred approximately 12 weeks after receipt of the guarantee. According to Mr. Amponsah Bediako a presidential spokesperson, the negotiation was on course and that the government was optimistic about securing what he termed “the mother of all loans”.