Source: newsthemegh.com
Bank of Ghana (BoG) accounts is anticipated to receive the first payment of US$600 million under the $3 billion credit facility of the International Monetary Fund today, May 19, 2023.
This was revealed by BoG Governor Ernest Kwamina Yedu Addison on Thursday during a joint press conference with the Finance Ministry and the IMF.
For your information, we received prompt guidance today to receive the money, he remarked. Tomorrow’s value is $604 million.
Ghana’s program request to the IMF for $3 billion in balance of payment support to stabilize the economy was eventually approved.
More information on the agreement was provided in IMF press release 126.
In order to ensure that only projects that profit from authorized budgets and quarterly allotments can acquire procurement permits to award contracts, the Fund states that public procurement will be completely connected with the Ghana connected Financial Management Information System (GIFMIS).
According to the statement, the Public Financial Management Act’s fines will be more strictly enforced, and covered organizations who go beyond their budgetary allotments and allocations will face consequences.
Again, GIFMIS will be integrated with the GRA’s tax portals, the bank clearing system, and the human resources information system (HRMIS).
The chart of accounts will be standardized if necessary, and it was indicated that the automatic bank reconciliation (ABR) capabilities for GIFMIS-linked accounts will be implemented.
By December 2023, the second payout tranche is anticipated.
This is contingent on fulfilling certain program requirements, though.
Subject to fulfilling the requirements of the IMF program, the remaining cash will be paid out in installments of $360 million every six months.