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Ghana Receives Funding From IMF To Face Covid-19 Pandemic

Ghana Receives Funding From IMF To Face Covid-19 Pandemic

Today, President Akufo-Addo Launched Gh¢1 Billion Cap Business Support Scheme.

The coronavirus pandemic originating from Wuhan, China, spreading across the world has not left Ghana exempted from contracting the deadly contagion.

Ghana government is currently supporting households by absorbing utility bills, increasing salaries of frontline health workers and providing PPE’s as they tirelessly work and risk their lives.

The Ghanaian government is  building new healthcare centres and a lot more to help ease the pressure on NHIS.

The international monetary fund (IMF), which seeks to help improve economic activities and poverty reduction of it member states, has come to the aid of Ghanaians during the phase of financial instability in this period of struggle with the coronavirus pandemic.

As a member country of the financial institution, Ghana requested for financial support from the IMF to help contain the Coronavirus Pandemic. The request which was made in late march was approved on April 13, 2020 by the fund.

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An amount worth $1billion loan was withdrawn from the multilateral lender’s Rapid Credit Facility to support Ghana in the fight against the virus.

The financial institution’s report stated that, Ghana has been seriously hit by the virus and the situation has resulted in the setback of Ghana’s economic growth since the government is taking positive actions suitably containing the virus.

According to the executive board of the IMF, these actions will definitely cause pressure on the country’s revenue resulting in external financial needs for the country.

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The financial institution said again that, the $1billion budget withdrawn from their rapid credit facility ‘

Will help Ghana government to carry out projects that will increase its income, address its crucial financial prerequisites, boost the country’s confidence and to generate aid from other development…


Source: The Presidency, Republic of Ghana

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