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IMF to evaluate Ghana’s $100m request for COVID-19

The International Monetary Fund (IMF) says it has received a request from Ghana for a disbursement under the Rapid Credit Facility to help the country address the economic impact of the COVID-19 pandemic.

The IMF’s African Department Director, Abebe Aemro Selassie in a statement, said the international organisation was working hard to evaluate Ghana’s request and present to the Executive Board consideration.

President Nana Addo Dankwa Akufo-Addo had earlier directed the Minister of Finance, Ken Ofori-Atta, to make available the cedi equivalent of $100 million to enhance Ghana’s Coronavirus preparedness and response plan.

This amount, according to President Akufo-Addo, “is to fund the expansion of infrastructure, purchase of materials and equipment, and public education.” Delivering an address to the nation on Wednesday, March 11, 2020, the President explained that, with the declaration by the World Health Organisation (WHO) of the Coronavirus disease as “a pandemic”, it is important that Ghana steps up her preparedness to ensure that, beyond the initial measures that have been put in place, a ‘whole of Ghana’ approach is adopted in preparation for a possible hit within the country’s borders. Delivering an address to the nation on Wednesday, March 11, 2020, the President explained that, with the declaration by the World Health Organisation (WHO) of the Coronavirus disease as “a pandemic”, it is important that Ghana steps up her preparedness to ensure that, beyond the initial measures that have been put in place, a ‘whole of Ghana’ approach is adopted in preparation for a possible hit within the country’s borders.

The Rapid Credit Facility (RCF) provides rapid concessional financial assistance with limited conditionality to low-income countries (LICs) facing an urgent balance of payments need. The RCF was created under the Poverty Reduction and Growth Trust (PRGT) as part of a broader reform to make the Fund’s financial support more flexible and better tailored to the diverse needs of LICs, including in times of crisis. The RCF places emphasis on the country’s poverty reduction and growth objectives.