The third tranche of the International Monetary Fund’s (IMF) $360 million release is expected to be credited to Ghana’s account today, Monday, July 1, following a successful review of the country’s performance by the Fund.
According to the IMF, Ghana’s performance under the program has been generally strong.
The Finance Minister and the IMF’s country manager are scheduled to hold a joint news conference this afternoon to provide details on the latest development. Speaking to the media, Finance Minister Dr. Mohammed Amim Adam expressed optimism for the economy’s future.
“After meeting the requirements for the second review following the staff-level agreement, I am glad to announce that the IMF Executive Board approved Ghana’s second review with overwhelming support. This follows the approval of the first review in January 2024. This is a significant positive step towards macroeconomic stability,” the Minister stated.
Meanwhile, Dr. Elikplim Kwabla Apetorgbor, CEO of the Chamber of Independent Power Generators, Ghana (IPPS), stated that the Independent Power Producers (IPPs) have not agreed to a haircut after six years of negotiations with the government.
According to Dr. Apetorgbor, Finance Minister Dr. Mohammed Amin Adam’s statements on the matter are misleading and inaccurate.
“The last engagement with some of the IPPs and the government’s negotiating team occurred in April 2024, and since then, no agreement on any terms has been reached. The claims that the government has secured a debt restructuring agreement with the IPPs are misleading and amount to public deception,” he said.
“We urge the Minister of Finance to refrain from making such inaccurate statements and to engage in transparent and honest communications,” he added.
Dr. Apetorgbor concluded that the IPPs remain committed to constructive dialogue and finding a mutually beneficial resolution to the ongoing discussions.
However, Joy Business reports that only two IPPs, CenPower and Amandi, accepted the government’s proposal to restructure the IPPs’ debt. The others, including Karpowership, Twin City Energy, Sunon Asogli, Cenit Energy, and AKSA, rejected the government’s haircut proposal.