The Executive Board of the International Monetary Fund (IMF) has scheduled June 28 to meet over its second review under Ghana’s ongoing Extended Credit Facility (ECF) with the fund.

Ghana and the Fund Mission in April reached Staff Level Agreement following the second review of the ongoing programme but had to hold on to consideration by the Executive as the Fund had indicated the Board’s approval was hinged on further progress made in the country’s external debt restructuring negotiations.

Ghana’s Ministry of Finance on June 12 subsequently announced the Government of Ghana had reached a Memorandum of Understanding with its Official Creditor Committee co-chaired by France and China paving way for the approval of the Second Review by the IMF Executive Board.

Ghana is therefore expected to on June 28, finally unlock the $360m third tranche it is eligible too under the $3bn 3-year Extended Credit Facility.

The approval will bring to total a disbursement of $1.56bn since the programme commenced in May 2023.