Kojo Oppong Nkrumah, the Minister of Information, has provided an explanation as to what Ghana is going to do with the loan facility of three billion dollars that was provided by the International Monetary Fund (IMF).
According to him, the money will be transferred to Ghana in a total of seven (7) separate installments, with the sum of 600 million dollars constituting the initial installment.
Kojo Oppong Nkrumah stated once more on the ‘kokrokoo’ show that airs on Peace FM every Friday that the six hundred million dollars have been deposited into the account of the Bank of Ghana.
Kojo Oppong Nkrumah went on to announce that the remaining tranches will be disbursed over the course of the following three years, and he emphasized that the remaining money would not be distributed until Ghana satisfied the performance requirements set forth by the IMF.
$3 Billion IMF Loan Has A Condition – Kojo Oppong Nkrumah Reveals
“The program will run for a total of three years, until April 16th, 2026. According to what he shared with the show’s host, Kwami Sefa Kayi, “the way we structured it is such that, when the Board approved it, they released 600 million… then by the 1st of November, they will release another 600 million when we meet the performance criteria.”
Kojo Oppong Nkrumah went on to say that a further $600 million would be made available in November 2023, as well as $360 million in May and June of the next year, as well as between May 1 and October 2025 and April 16 of the following year.
Kojo Oppong Nkrumah went on to say that the initial 600 million would be used to support Ghana’s budget as well as the country’s balance of payments.