The possible meeting date for the Board of the International Monetary Fund (IMF) regarding Ghana’s program and the potential disbursement of the second tranche of $600 million is likely to be January 18, 2024.
This comes after Ghana’s bilateral creditors, through the Official Creditor Committee, finalized the terms for restructuring the country’s debts, forming the “Term Sheet” for Ghana.
Despite the IMF’s initial proposals for January 11, 2024, or January 18, 2024, depending on negotiations at the Official Creditor Committee level, the delay in the Board meeting is attributed to challenges in obtaining China’s agreement on certain terms for restructuring Ghana’s debt.
Sources say, Ghana is likely not to pay interest and principal for the next four years. Repayment of the loans will therefore commence in the fifth years.
Interest on these debts will likely be pegged between 2-3%.
