After a second examination, the IMF board decides to give Ghana $360 million, according to sources

According to two sources who spoke to Reuters, the executive board of the International Monetary Fund authorized the second assessment of Ghana’s $3 billion loan program on Friday, enabling the immediate delivery of about $360 million.

The producer of cocoa, gold, and oil made the decision after settling a dispute with its Official Creditor Committee, which was a requirement to release the second tranche.

With the addition of this tranche, the total amount of funds disbursed by the IMF under the three-year bailout package aimed at rescuing Ghana from the greatest economic crisis in a century will reach $1.56 billion.

The world’s second-largest cocoa producer turned to the IMF in 2022 for financial support as years of excessive spending, the COVID-19 pandemic, Russia’s invasion of Ukraine, and rising global interest rates caused its cedi currency to plummet and inflation to surge.