Govt to withdraw entire US$1 billion in SDR allocation to support economy – Ofori-Atta

• Government has stated it will withdraw the entire US$1 billion in SDR allocation from the IMF

• Ken Ofori-Atta explained the money will go towards supporting critical areas for economic recovery

• The Fund made available US$1 billion to Ghana on Monday August 23, 2021

Government has stated that it will withdraw the entire US$1 billion made available in the form of Special Drawing Rights allocation by the International Monetary Fund (IMF) to support economic recovery.

According to a Joy Business report, Finance Minister Ken Ofori-Atta made the revelation indicating that the funds will go towards supporting key areas of the economy in a bid to fast-track growth.

He adds that government is also considering directing some of the funds towards its ambitious Ghana CARES programme.

Ofori-Atta, according to the report said the funds will also critically go towards improving revenue mobilization efforts and digitization of the economy.

The SDR allocation was introduced for all countries as part of an emergency response programme to the global recession following the Great Depression era.

The IMF allows for countries to access an emergency financing disbursement under the Rapid Credit Facility.

The recent disbursement for Ghana was approved by the Fund 18 months ago as part of measures in fighting the Coronavirus pandemic.