CEDI TO GAIN AS GHANA AWAITS $370M IMF TRANCHE TO BOOST RESERVES

The cedi is expected to remain stable in the coming weeks. This stability is due to a $370 million release from the International Monetary Fund (IMF) later this month.

This disbursement is the fifth tranche of Ghana’s $3 billion Extended Credit Facility. It requires approval from the IMF Executive Board, which meets on June 3.

The release follows a successful fourth review of Ghana’s economic reform program in April. After this disbursement, total funds received will reach $2.24 billion.

Bank of Ghana Governor Dr. Johnson Asiama stated that these inflows will boost foreign reserves. They will also help stabilize the exchange rate and strengthen confidence in the economy.

He noted that the money will be released after IMF Board approval. The World Bank is also expected to make additional disbursements in June.

The IMF program has been vital for Ghana's recovery after its economic crisis. It offers financial and technical support for fiscal consolidation and structural reforms.

These projected inflows could ease foreign exchange pressures temporarily. They may also help reduce imported inflation as the mid-year economic cycle begins.