Ghana cannot access IMF’s $50bn Trust Fund

The country cannot access the $50 billion International Monetary Fund ‘Trust Fund’ aimed at supporting middle to low Income countries.

Joy Business sources at Washington DC in the USA indicate that the country cannot apply for the ‘Trust Fund because it’s not under a programme with the Bretton Wood institution.

The IMF officials have revealed that despite the Trust Fund targeting low and vulnerable middle income countries, the country must be under a programme or some sort of engagement with the IMF such as  technical and financial support, before benefiting from the fund.

Finance Minister, Ken Offori Attah and President Akuffo Addo have stated government position of not seeking an IMF programme. Government rather want to institute local policies/programmes that will turn around the challenging economy.

The Trust Fund which will be in a form of a grant will have gone to shore up the country’s international reserves at the Bank of Ghana or the Balance of Payment.

According to the IMF, the 50 billion dollar Trust Fund is expected to assist member countries minimise the impact of Covid-19, climate change and the Russian-Ukraine war on their economies.

Source: JoyNews