The Ministry of Finance responded to a report claiming that because the foreign debt restructuring has taken longer than expected, Ghana has missed out on the second tranche payout deadline set by the International Monetary Fund (IMF).
The MoF declared it to be fake reportage in a press statement released on Friday evening, Nov. 10, 2023, in response to the publication.
There was no schedule for the second tranche of IMF funding to be disbursed, according to the statement that 1Family Radio sighted.
According to the ministry, Ghana’s government was making good progress in line with its strategic plan to engage the Official Creditor Committee (OCC) of the Paris Club, secure a Memorandum of Understanding on debt restructuring, and appear before the IMF Executive Board for approval of the first review. The ministry also stated that the external debt restructuring negotiations were going well.
Below is the full statement by the Ministry of Finance:
RE: FALSE PUBLICATION BY MYJOYONLINE: “GHANA MISSES OUT ON IMF’S NOV 1 TIMELINE FOR 2ND TRANCHE AS EXTERNAL DEBT RESTRUCTURING TALKS DRAG”
Accra, 10 November 2023…
The attention of the Ministry of Finance has been drawn to the above-titled misleading publication on Myjoyonline about Ghana missing a purported deadline of November 1, 2023, for the disbursement of the second tranche of International Monetary Funds.
2. The Ministry thus wishes to set the record straight:
a. There is no November 1, 2023, timeline for the disbursement of the second tranche of the IMF funds.
No deadline has been set by the IMF for the second tranche disbursement, which is due to take place after the IMF Executive Board approves the first review.
The publication by Myjoyonline references Table 9 on page 72 of the Memorandum of Economic and Financial Policies (MEFP) published on May 17, 2023, by the IMF.
The November 1 stated in this table is an indicative timeline for the completion of the first review, based on the observance of the end-June 2023 performance criteria. This first review was successfully completed on October 6, 2023, culminating in a Staff Level Agreement (SLA) on the same day.
While the SLA milestone is an important step towards unlocking the second tranche of $600 million under the program, the timeline set by the Executive Board for the consideration and approval of the first review is not November 1, 2023, as published by Myjoyonline.
The exact timeline for the board date is determined by the IMF Executive Board.
b. External debt restructuring negotiations are progressing smoothly. The Government of Ghana is making good progress in accordance with its strategic plan to engage the Official Creditor Committee (OCC) of the Paris Club, secure a Memorandum of Understanding on debt restructuring, and go before the IMF Executive Board for approval of the first review.
c. Myjoyonline’s misinformation about a November 1 deadline for disbursement of IMF funds contradicts its own publication of November 2, 2023. It is known that the IMF Executive Board meeting to approve Ghana’s first review must occur before the disbursement of the next tranche of IMF funds.
On November 2, 2023, Myjoyonline published an article titled “IMF Executive Board to meet in the 3rd week of November, Ofori-Atta hints,” which clearly contradicts the false publication of a November 1st deadline.
2. Ministry of Finance: Professional, Ethical, and Efficient—Transforming Ghana Beyond Aid
3. The Ministry of Finance therefore encourages the general public and media houses in particular to seek the facts and truth about any information that comes to their attention by reaching out to the Ministry for clarification whenever they are in doubt. They may also visit our website at www.mofep.gov.gh or email email@example.com.