The Ministry of Finance is hosting a joint press conference with the International Monetary Fund and the Bank of Ghana to discuss the completion of the second review of Ghana’s US$3 billion IMF Extended Credit Facility (ECF) program.

In a statement issued on Friday, June 28, 2024, the IMF announced that Ghana is set to receive the third tranche of US$360 million as part of a bailout package. This brings Ghana’s total disbursements under the IMF ECF arrangement to about US$1.6 billion since the initial approval in May 2023.

Prior to this, Ghana successfully reached an agreement in principle on the terms of debt restructuring with Eurobond investors, involving approximately $13 billion of debt. Eurobond holders have agreed to a nominal haircut of 37%.

Additionally, creditors have the option to choose between two payment instruments, one offering an initial 5% interest rate and the other a 1.5% interest rate.

The Minister of Finance, Dr. Mohammed Amin, IMF Mission Chief to Ghana Stephane Roudet, and the Bank of Ghana Governor, Dr. Ernest Addison, are expected to deliver remarks at the press briefing and answer questions about Ghana’s next steps under the IMF program.

Watch the stream below: