The International Monetary Fund (IMF) has given its approval for the second tranche of $600 million to be disbursed to Ghana.

The announcement was made in a statement released on Friday, January 19, 2024.

This development follows Ghana’s successful negotiation of deals with its bilateral lenders, including China and France, late in the preceding week, a crucial step that paved the way for the release of the second disbursement.

The approval signifies that Ghana has passed its first review under the Fund program after receiving the initial tranche in May of the previous year.

The government has stated that this additional funding will be utilized to support activities outlined in the 2024 budget.

Furthermore, Ghana has secured a moratorium with its official creditors, deferring debt payments until May 2026.

It is reported that the country aims to finalize an agreement with Eurobond investors to restructure a $13 billion debt by the end of March.