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Ghana receives first $600 million tranche of $3 billion IMF loan -Ghana's finance minister

Published 05/19/2023, 02:27 PM
Updated 05/19/2023, 02:32 PM
© Reuters. FILE PHOTO: A participant stands near a logo of IMF at the International Monetary Fund - World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, October 12, 2018. REUTERS/Johannes P. Christo/File Photo

JOHANNESBURG (Reuters) - Ghana's Finance Minister Ken Ofori-Atta said on Friday that the first $600 million tranche of a $3 billion, three-year extended credit facility has been received.

© Reuters. FILE PHOTO: A participant stands near a logo of IMF at the International Monetary Fund - World Bank Annual Meeting 2018 in Nusa Dua, Bali, Indonesia, October 12, 2018. REUTERS/Johannes P. Christo/File Photo

The funds will be used for budget support and help bring down inflation, Ofori-Atta said on Twitter.

The International Monetary Fund's executive board on Wednesday approved the $3 billion, three-year rescue loan, paving a potential path out of Ghana's worst economic crisis in a generation.

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