Business

We’ll withdraw all $1billion from IMF to support economy – Ken Ofori-Atta

Finance Minister, Ken Ofori-Atta has revealed that government will withdraw the almost $1billion from the International Monetary Fund (IMF) to support the economy.

According to the Minister, this is needed to aid the ongoing economic recovery.

Mr. Ofori-Atta added that, government will target some critical areas that will help in fast-tracking the recovery of the economy.

According to him, government is considering directing the funds to sectors that will aid in job creation as well some areas under the Ghana Cares Programme.

At the same time, areas such as improving revenue mobilization and digitalization of the economy is being prioritised.

Ghana and the Special Drawing Rights

The IMF Board earlier this month, approved $650billion to support member-countries in the fight against the Covid-19 pandemic. Member-countries are expected to have their accounts credited with their share of the $650billion from August 23, 2021.

According to the IMF, this move would ensure that its members, including Ghana, have a strong external position to voluntarily channel part of their SDRs to scale up lending for low-income countries through the IMF’s Poverty Reduction and Growth Trust (PRGT).

There were initial reports that Ghana may not be able to withdraw the funds because of some debt obligations to the IMF. But Government explained that the challenge has been dealt with. Hence, there is no need for the concerns.

Some analysts have argued that the funds hitting Bank of Ghana’s accounts, may also help in improving Ghana’s reserves a move that will help stabilize the Ghana cedis.

Establishment of the Ghana Development Bank

The Finance Minister has also disclosed to JOYBUSINESS that he is optimistic that the Development Bank of Ghana will fully start operations from October this year.

“We have sent the final list of all the Board Members and waiting for Bank of Ghana’s approval” he added.

|Myjoyonline

GWO

Ghanaweb Onine is dedicated to bringing you news from various media groups in Ghana,Africa and around the world to keep you informed and educated as you go about your daily lives. Disclaimer: The views of each article are the sole responsibility of the author and do not reflect that of Ghana web online.We are not responsible for any misinformation or incorrect statement. If you need any more clarification on an article please direct them to the original source.All contents belong to their respective owners we do not own it.

Related Articles

Back to top button