Ghana: Request for Disbursement Under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Ghana

IMF Staff Country Reports, April 16, 2020

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Ghana: Request for Disbursement Under the Rapid Credit Facility-Press Release; Staff Report; and Statement by the Executive Director for Ghana

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Bibliographic details

• Published: April 16, 2020
• Series: IMF Staff Country Reports
• DOI: https://doi.org/10.5089/9781513540870.002

Summary and purpose

• Discusses Ghana’s Request for Disbursement Under the Rapid Credit Facility (RCF).
• Date: April 16, 2020.
• Main messages:
  • Growth is slowing down, financial conditions have tightened, and the exchange rate is under pressure.
  • Large government and external financing needs have arisen.
  • Authorities have timely and proactive measures to contain the spread of the coronavirus disease 2019 pandemic in Ghana and to 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.
  • The uncertain dynamics of the pandemic create significant risks to the macroeconomic outlook.
  • Ghana continues to be classified at high risk of debt distress.
  • Authorities remain committed to policies consistent with strong growth, rapid poverty reduction, and macroeconomic stability over the medium term.
  • Additional support from other development partners will be required and critical to close the remaining external financing gap and ease budget constraints.

Macroeconomic conditions and risks

• Findings:
  • Growth is slowing down.
  • Financial conditions have tightened.
  • The exchange rate is under pressure.
  • The pandemic introduces significant uncertainty and downside risks to the macroeconomic outlook.
  • Ghana is classified at high risk of debt distress.

Policy response and IMF engagement

• Authorities’ actions:
  • Timely and proactive response to contain the spread of COVID-19.
  • Support measures for affected households and firms.
• IMF role:
  • Continues to monitor Ghana’s situation closely.
  • Stands ready to provide policy advice and further support as needed.

Financing needs and external support

• Observations:
  • Large government and external financing needs have emerged.
  • Additional support from other development partners is required to close the remaining external financing gap and to ease budget constraints.

Subjects and keywords

• Subject: Central banks, COVID-19, Credit, Economic sectors, Energy sector, Financial sector, Health, International reserves, Money
• Keywords: authorities' effort, COVID-19, CR, Credit, Energy sector, Financial sector, financing, financing gap, financing needs, Ghana, Ghana's situation, Ghanaian authorities, Global, government, government financing, government financing Needs, International reserves, ISCR

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