On April 13th, 2020, the International Monetary Fund Executive Board approved the disbursement of US$ 1 Billion to be drawn under the Rapid Credit Facility (RCF). The disbursement will help address the urgent fiscal and balance of payment needs that Ghana is facing, improve confidence and catalyze support from other development partners.
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 continues to monitor Ghana’s situation closely and stands ready to provide policy advice and further support as needed.
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