Ghana has officially requested International Monetary Fund to seek help as it is facing worst economy crisis.
The Government last week announced that it is considering seeking IMF assistance following sharp decrease in currency value and inflation. Ghanaian cedi has dropped about 40 percent this year against US dollar that made it the worst performing currency on the globe in 2014.
Deputy managing director at the IMF, Zhu Min said in the statement, “The fund stands ready to help Ghana address the current economic challenges it is facing,”
“We expect to send an IMF team to Ghana in early September to initiate discussions on a program.”
The Finance Minister of Ghana, Seth Terkper revealed earlier that government would, by the end of this week, write formal letter to IMF to give traction to poor economy.
Mr. Terkper told most-immediate concern “to stabilise the cedi and reduce the deficit.”
Foreign Affair Minister of Ghana said the country has already taken tough decisions to tackle challenging economy by implementing value added tax and reducing subsidies on utilities and fuel but still it is needed back of IMF.
Last program of country with the Fund ended in mid of 2012, which helped country to make it possible to secure $602m dollars from the institution.
Copyright © 2019 Ghanalive.TV. All Rights Reserved.