IMF approves $1 bn in virus aid for Ghana

The IMF has approved a $1 billion (910-million-euro) aid package for Ghana to help the West African country manage fallout from the new coronavirus pandemic, the multilateral lender said.

The credit is through the IMF's rapid credit facility to help Ghana as growth falters and the government's financing needs expand, the IMF said in a statement on its website.

"COVID-19 pandemic is already impacting Ghana severely. Growth is slowing down, slowing financial conditions have tightened, and the exchange rate is under pressure," the statement said.

The aid disbursement will help "address the urgent fiscal and balance of payments needs that Ghana is facing, improve confidence, and catalyze support from other development".

The International Monetary Fund on Monday also announced it had approved immediate debt relief for 25 poor countries, most of them in Africa, to help them free up funds to fight the pandemic.