WATCH: IMF joint press briefing on Ghana’s $3 billion bailout approval

IMF joint press briefing on Ghana’s $3 billion bailout approval

Washington, D.C. – The Executive Board of the International Monetary Fund (IMF) held a press conference on Thursday, May 18 at 14:30 GMT local time to provide journalists with an update on the outcomes of Ghana’s $3 billion bailout request. The press briefing shed light on the recent approval of the request by the IMF Board, which falls under an Extended Credit Facility, resulting in the immediate disbursement of the first tranche of $600 million.

Several key individuals participated in the press conference, including Stephane Roudet, the IMF Mission Chief for Ghana, Ken Ofori-Atta, Ghana’s Finance Minister, Dr. Ernest Addison, Governor of the Bank of Ghana, and Tatiana Mossot, Senior Communications Officer with the IMF.

The press briefing was conducted on Zoom, and televised on various channels in Ghana, as confirmed in a circular issued by Ghana’s Ministry of Finance on May 16, 2023. This will allow citizens and stakeholders across the nation to stay informed about the proceedings and outcomes of the conference.

Ghana’s Ministry of Finance expressed gratitude for the IMF’s swift response to the bailout request, which highlights the urgency and severity of the economic challenges faced by the nation. The approved disbursement of the initial tranche of $600 million will provide immediate relief and support Ghana’s efforts to stabilize its economy, address debt concerns, and implement necessary reforms to foster sustainable growth.

The press conference offered an opportunity for journalists to seek clarifications and gain insights into the specific terms and conditions of the bailout, as well as the anticipated impact on Ghana’s economy and its citizens. It also provided a platform for the IMF officials and Ghanaian representatives to address any concerns or questions that were asked by the various media representatives.

Ghana’s $3 billion bailout request and the subsequent approval by the IMF signify a crucial step towards revitalizing the nation’s economy and restoring financial stability. The immediate disbursement of the first tranche is expected to provide a much-needed boost to Ghana’s efforts to navigate the current economic challenges successfully.

WATCH THE RECORDED PRESS CONFERENCE HERE