Ghana, IMF in talks over rescue bundle By Reuters

ACCRA (Reuters) – Ghana started talks with the Worldwide Financial Fund on Monday for an IMF-supported lending programme, the federal government stated in a press release, in a bid to scale back financial hardship that spurred avenue protests.

The IMF workers crew is discussing insurance policies and reforms with officers at Ghana’s finance ministry and central financial institution after the West African nation requested a mortgage from the Fund in July.

The federal government of Ghana, a serious gold and cocoa producer, has been struggling to tame galloping inflation, scale back public debt and shore up the native forex. Its balance-of-payments deficit swelled to almost $2.5 billion by the top of June from round $935 million in March.

The IMF mission is scheduled to final till Oct. 7.

“A key pre-requisite for a programme is affirmation that Ghana’s debt is on a sustainable path,” the Ministry of Finance stated, including {that a} Debt Sustainability Evaluation was ongoing.

The federal government can be placing collectively a submit Covid-19 financial programme that can type the premise for negotiations with the IMF. The programme will goal to make sure debt and macroeconomic stability by means of key structural reforms and social safety, the assertion added with out additional element.

Ghana’s central financial institution rescheduled its upcoming rate of interest determination to Oct. 7 from Sept. 26 final week to coincide with the top of the mission.