US $560 million expected from donors in upcoming months

Ghana is to receive US $560 million between August and December from international financial bodies and other sources, the 'Daily Graphic' newspaper reported on Friday. The International Monetary Fund (IMF) has agreed in principle to release US $35.1 million, while the World Bank will disburse US $134.9 million. Another US $260 million is to be free by the first week of October through Ghana Cocoa Board's syndication with international financial institutions for the purchase of cocoa, the daily said. Kwabena Duffuor, governor of the Bank of Ghana, said the release of the IMF Poverty Reduction and Growth Facility has unlocked financial inflows into Ghana. He said such donor funding should help stabilise the economy and serve as a springboard to generate more foreign revenue through the support of non-traditional commodities.