The Ghanaian cedi is poised for stability in the coming weeks following the International Monetary Fund’s (IMF) imminent disbursement of $370 million.
The funds, expected to be released after the IMF Executive Board’s approval on June 3, mark the fifth tranche under Ghana’s $3 billion Extended Credit Facility.
Bank of Ghana Governor, Dr. Johnson Asiama, has revealed that the anticipated inflow, coupled with additional financing from the World Bank, will significantly bolster the country’s foreign reserves, stabilize the exchange rate, and reinforce confidence in the economy.
“We are expecting the $370 million, and not only that, the World Bank also stands to make some disbursement. So those monies will come in and certainly build our reserves further, but that will be somewhere in June,” Dr. Asiama said.
The IMF program has been a crucial component of Ghana’s post-crisis economic recovery efforts, providing both financial and technical support as the country implements fiscal consolidation, structural reforms, and debt sustainability measures.
Dr. Asiama emphasized that the expected inflows will provide much-needed relief to foreign exchange pressures and help moderate imported inflation, particularly as the mid-year economic cycle begins.
“As you are aware, this money is released after [approval] by the IMF Board,” he added.
With the IMF disbursement, Ghana’s economic prospects appear promising, and the cedi’s stability is expected to have a positive impact on the broader economy.