(3 minutes read)
Ghana joined forces with China and France to form a committee that will help pave the way for a US$3 billion dollar International Monetary Fund loan. In December, Ghana agreed to a three-year credit program with the IMF to strengthen its finances and restore confidence as it faced its worst economic crisis in decades.
Ghana joined forces with China and France to form a committee that will help pave the way for a US$3 billion-dollar International Monetary Fund loan. In December, Ghana agreed to a three-year credit program with the IMF to strengthen its finances and restore confidence as it faced its worst economic crisis in decades.
Since then, talks had focussed on assurances from a committee of Ghana’s creditors over whether a proposed debt exchange programme would be enough to secure the IMF agreement. The government has earmarked about US$5.4 billion of debt to official creditors as well as US$14.6 billion to private overseas creditors. Ghana is a major cocoa and gold producer but also has oil and gas reserves.
Read Also:
https://trendsnafrica.com/ghana-gears-to-achieve-self-sufficiency-in-vaccine/
https://trendsnafrica.com/ghana-to-penalize-people-using-cedi-for-decorative-purposes/
https://trendsnafrica.com/kamala-harris-to-stress-on-private-sector-investment-in-ghana/
Its debt load has increased and like other sub-Saharan African nations, it has struggled with fallout from the Covid pandemic and the Russia-Ukraine war. Ghana’s international bonds rose sharply as a result of the news but they are still trading at low levels. The country’s economic crisis has forced President Nana Akufo-Addo’s government to reverse its position earlier this year and seek IMF help as economists warned of a default on debt payments.
