The Minister of Information, Kojo Oppong Nkrumah has explained what the 3 billion dollars loan facility from the International Monetary Fund (IMF) is going to be used for in the country.

According to him, the money will be released to Ghana in seven (7) tranches with the first tranche being the 600 million dollars.

He reiterated on Peace FM's 'kokrokoo' show Friday (May 19) that the 600 million dollars has hit the account of the Bank of Ghana.

He further revealed that the other tranches have been spread over the next 3 years, stressing the rest of the money will be released only when Ghana meets the performance criteria given by the IMF.

"It's a three-year programme till April 16th, 2026. The way we structured is such that, when the Board approved it, they released 600 million . . . then by November 1st, they will release another 600 million when we meet the performance criteria," he told host Kwami Sefa Kayi.

He added that another $600 million will be released in November 2023 and $360 million in May, June next year and between May 1st and October 2025 till April 16, 2026.

He added that the first 600 million will be used for balance of payment and budget support for Ghana.