According to reports, the Board of Governors of International Monetary Fund(IMF) ratified on Special Drawing Rights(SDR) for member countries an amount of US$650 billion, however, African Countries were allocated US$33.7 billion on August 2, 2021. Ministry of Finance has confirmed that Ghana received its share of SDR of US$1 billion effective on 23rd August,2021.
The SDR is given to help countries and especially less developed countries to recover from the impact of coronavirus pandemic of such economies and global economies in general. Ghana is supposed to use this fund to revive and come out of the economic shock posed by the coronavirus.
As part of the fund usage, the Minister of Finance, Mr. Ken Ofori Atta says the it will finance GHS100 billion Ghana Cares (Obaatanpa) post-pandemic recovery program explained to the people of Ghana earlier.
This SDR allocation is in response to global calls for action following the devastating impact of the pandemic, including efforts across Africa, spearheaded by Ghana’s Finance Minister, Ken Ofori-Ata and other African Finance Ministers, AU, UNECA and collaborated by strategic international partners like IMF, World Bank, G20, EU.
According to the IMF, the distribution of SDRs will benefit all members, meet long-term global reserve requirements, build trust, and promote global economic resilience and stability.
“The Government of Ghana expresses its gratitude to the IMF for this historic advocacy and SDR allocation. It provides additional policy space to support Ghana’s efforts to counter the impact of the COVID-19 pandemic on lives and livelihoods. It will support the GHS100 billion Ghana Cares (Obaatanpa) post-pandemic recovery program.”, Ken Ofori-Atta, Minister for Finance, said.