Economy

IMF hikes interest rate on SDRs

Member countries of the International Monetary Fund will pay more in terms of interest rate for loans contracted from the fund. This is because the IMF has increased its lending rate on its Special Drawing Rights (SDR) from 0.89 per cent to 2.99 per cent, representing an increase of 2.1 percentage points. The new rate which took effect on January 6, 2023, means that Ghana would have to pay more should the Bretton woods institution approve the US$ 3 billion programme. Ghana is currently seeking an IMF-support programme to the tune of $3.0 billion that will span a period of...
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