Finance Minister Seth Terpker has said the first tranche of the IMF bailout fund will supplement other sources of foreign exchange for\u00a0the Bank of Ghana.<\/p>\n
[contextly_sidebar id=”92dNbIKlNUJ6U2OKxCdnzwfBcd85oOJW”]He said he is convinced that the money will shore up the foreign reserves of the Bank of Ghana to support\u00a0the economy.<\/p>\n
The IMF board last Friday approved a bailout programme for Ghana<\/strong><\/a><\/span> and the first tranche of $114 million dollars out of the 914 million dollars, is expected to hit the accounts of the Bank of Ghana later this week.<\/p>\n But some economist have downplayed the impact of the IMF programme<\/strong><\/a><\/span> on Ghana’s economy saying\u00a0the first tranche is insufficient to shore up the cedi.<\/p>\n But speaking on the Citi Breakfast show,<\/strong> Seth Terkper rejected such assertions.<\/p>\n He argued that the first \u201ctranche is what we need and then there would be IMF review that are coming,\u201d insisting that \u201cWhat is happening to the cedi is fiscal.\u201d<\/p>\n The amount he said \u201cis not small in terms of the seize of our economy. Remember it is going to supplement what Bank of Ghana is earning already. It\u2019s a supplement, it\u2019s not like the only thing we are going to depend on.\u201d<\/p>\n IMF cash will not save cedi- Ebo Turkson<\/strong><\/p>\n