Ghana’s economy has received a US$1 billion boost from the International Monetary Fund (IMF).
This, according to the IMF, is to help the country deal with economic impact of coronavirus.
“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 from the IMF said.
The authorities’ response has been timely, targeted, and proactive, focused on increasing health and social spending to support affected households and firms, the Deputy Managing Director and Chair of the IMF Executive Board’s, Mr. Zhang said.
The Central Bank has recently taken steps to ensure adequate liquidity, preserve financial stability, and mitigate the economic impact of the pandemic, while allowing for exchange rate flexibility to preserve external buffer, The IMF said about the Bank of Ghana.
Click on the comment box below and leave us your thoughts. Thank you