IMF: Gov't Receives 2nd Tranche Of Bailout Cash In July

The International Monetary Fund (IMF) has in a report announced that the second tranche of $144 million will be made available to Ghana in July 2015.

The first tranche of $114 million was paid into the Bank of Ghana’s account on April 14, 2015.

The IMF has agreed to support Ghana with a $914 million bailout after government applied for assistance from the financial institution.

Ghana’s economy has been saddled with serious challenges including rising public debt, cedi depreciation, high inflation rates, deepening power crisis, among others.

The three-year bailout programme is to help government institute the needed structures to salvage economy.

The IMF report mentioned an impending rationalization in 2017 saying, “it will be underpinned by strengthened fiscal consolidation efforts that hinge on prudent public expenditure management, enhanced domestic revenue mobilization, public sector reforms, with particular emphasis on staff rationalization in the public service and better controlling the wage bill.”