An Economist and financial engineer Mr. Alex Emmanuel Nti has said that the second tranche of $600 million of the IMF money will come if the first tranche was adequately used for its intended purposes.
Speaking on Plan B FM late afternoon show BAANOSEN, with Ohene Kinnah, the Economist stressed that, the IMF bailout will have a positive impact on the economy because there has been some level of confidence in the economy attracting more people to invest in the country.
“If the IMF officials investigate and find out that the money wasn’t used for its intended purpose, the second tranche may not come, because there are a lot of countries that did not receive their second tranche because of the mismanagement. If this government use the money judiciously the arrival of the second trench will bring back the economy on track”.
He said Ghana fulfilled some conditionalities before the first tranch of $600 million came and so will the second tranche would be.
Meanwhile, the Minister of Finance, Ken Ofori Atta, is optimistic government will secure a Staff-Level Agreement with the International Monetary Fund for the disbursement of the second tranche of the $600 million when the Staff visits Ghana in September 2023.
The second tranche is based on some conditions that government must satisfy after an assessment by the Fund’s Visiting Staff.
Speaking to journalists at the Ghana Trade Fair Redevelopment Project Investor Conference in Accra, Mr. Ofori-Atta hinted that the country is getting back some confidence in the economy after many efforts in meeting the IMF conditionalities.
This he believes will make the way for the next disbursement of 600 million dollars.
“We had an IMF Staff visit about three weeks ago which went very well and we’re expecting that review in September [2023].
“Between cabinet and parliament, so far we’ve gone through the qualitative performance criteria. So we expect that the review will go well in September [2023] to get a Staff-Level Agreement. We’ll go to the Board in November [2023] and we’re sure we can get it,” he explained.
He is optimistic that the country will recover swiftly, adding “God always puts the country through and with the help of all, speaking the same language, managing our investors and bondholders well, we will get there”.
Meanwhile, the Finance Minister has described it as a difficult period, getting individual bondholders to suspend their intended picketing the Finance Ministry.
He, therefore, called for some sacrifice from the private sector in such a period since the country is now getting out of its challenges.
“I think the technical people are meeting and the Lord has been faithful so far. But I also think we as Ghanaians must appreciate that these are not normal times and with where we were last year and now, clearly, we should have some excitement for the future.”
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