The International Monetary Fund (IMF) has approved the disbursement of US$1 billion to Ghana to be drawn under the Rapid Credit Facility (RCF).
The money is to help Ghana address the “fiscal and balance of payments needs” and also help the country to improve confidence in its economy especially in the wake of the COVID-19 pandemic.
“The COVID-19 pandemic is already impacting Ghana severely. Growth is slowing down, financial conditions have tightened, and the exchange rate is under pressure.”
“This has resulted in large government and external financing needs. The authorities have timely and proactively responded to contain the spread of the COVID-19 pandemic in Ghana and support affected households and firms,” the IMF remarked.
The Fund said it was still monitoring Ghana’s situation and is ready to provide policy advice and further support as needed.
Following the Executive Board’s decision, Mr. Zhang, Deputy Managing Director and Chair issued a statement, saying that;
