IMF helps Ghana face economic fallout

As growth falters and the government’s financing needs expand, Ghana received an aid from the International Monetary Fund. The West African country which was promoting a big project called Ghana Beyond Aids could not face along the impact of the new pandemic on its economy.

The IMF has approved a $1 billion (910-million-euro) aid package for Ghana to help the country manage fallout from the new coronavirus pandemic. According to IMF, the credit which is through the IMF’s rapid credit facility to help Ghana.

IMF reports that Covid-19 pandemic is already impacting Ghana severely. The country’s growth is slowing down, slowing financial conditions have tightened, and the exchange rate is under pressure.

The aid disbursement will help “address the urgent fiscal and balance of payments needs that Ghana is facing, improve confidence, and catalyze support from other development”, IMF said

The International Monetary Fund on Monday 13th April, also announced it had approved immediate debt relief for 25 poor member countries, nineteen of them in Africa, to help them free up funds to fight the pandemic.

Senegal will also benefit by mid-April of SDR 161.8 million (about US$221 million) of which two thirds or US$ 147.3 million under the Rapid Financing Instrument (RFI) and one third or US$ 73.6 million under the Rapid Credit Facility (RCF) from the IMF.

About Khalid Al Mouahidi 3854 Articles
Khalid Al Mouahidi : A binational from the US and Morocco, Khalid El Mouahidi has worked for several american companies in the Maghreb Region and is currently based in Casablanca, where he is doing consulting jobs for major international companies . Khalid writes analytical pieces about economic ties between the Maghreb and the Mena Region, where he has an extensive network