IMF, World Bank to Ghana's Rescue
Accra (Greater Accra Region) 19 April 2000
The International Monetary Fund (IMF) and the World Bank will soon release some loans through the 'fast track' approach to help shore up Ghana's unstable foreign exchange situation Mr Moses Asaga, Deputy Minister of Finance, said on Tuesday.
Speaking to a group of economic experts from the Centre for Policy Analysis (CEPA), private sector operators, investment analysts, and researchers after the presentation of its Macroeconomic Review and Outlook for 2000 in Accra on Tuesday.
Mr Asaga said, "we have to rely on direct injection of foreign currency into the market through the liberalisation of the capital account and fast-track release and disbursement of official programme."
He expressed the hope that something more concrete, in terms of the level of support would be made known at the close of meetings of the World Bank and International Monetary Fund in Washington on Tuesday.
In the short term, the Ministry of Finance and the Bank of Ghana are working out ways of intervening in the operations of the Foreign Exchange Market through a "modification" of forces of supply and demand because the traditional approach of raising interest rates would not work Mr Asaga said and ruled out raising the interest rate as a remedy.
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