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IMF approves $1bn for Ghana’s COVID-19 fight

The Executive Board of the International Monetary Fund (IMF) has approved the disbursement of US$1 billion to be drawn under the Rapid Credit Facility to help Ghana’s COVID-19 fight.

According to the IMF, the COVID-19 pandemic is already impacting Ghana severely. Growth is slowing down, financial conditions have tightened, and the exchange rate is under pressure.

A statement by the IMF added that 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 Executive Board of the International Monetary Fund (IMF) today approved the disbursement of SDR 738 million (about US$1 billion) to be drawn under the Rapid Credit Facility (RCF). The disbursement will help address the urgent fiscal and balance of payments needs that Ghana is facing, improve confidence, and catalyze support from other development partners.2

“The IMF continues to monitor Ghana’s situation closely and stands ready to provide policy advice and further support as needed…the uncertain dynamics of the pandemic creates significant risks to the macroeconomic outlook. Ghana continues to be classified at high risk of debt distress. The authorities remain committed to policies consistent with strong growth, rapid poverty reduction, and macroeconomic stability over the medium-term.

“Additional support from other development partners will be required and critical to close the remaining external financing gap and ease budget constraints.”

Ghana has so far recorded 566 cases of COVID-19 with eight deaths and four recoveries.

Of the 566 confirmed COVID-19 cases, 292 were reported from the routine surveillance, 159 from enhanced surveillance activities and 115 from travellers under mandatory quarantine in both Accra and Tamale.

Regions that have reported cases are Greater Accra, Ashanti, Central, Eastern, Western, Volta, Northern, North East, Upper East, and Upper West.

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