The financial bailout from the International Monitory Fund has had been sought from Ghana because the nation has been careless with borrowing over the years, Ekow Spio-Gabrah, the Trades Minister has perceived.
According to him, the country seems to have borrowed overly in the past because there were banks that were ready to offer its loans.
“One of the tests we’ve had as a state and one of the causes why we are in dialogues with the IMF is that for many years, we just elected to borrow and borrow just because there are several banks in the world which were ready to provide you loans if you are credit worthy,” the former communications minister said in a meeting at the 3rd edition of the Ghana economic outlook and business strategy conference of 2015 held in Accra.
He continued: “The fact that a bank needs to give you a loan doesn’t mean that you can’t and shouldn’t discover the fairness side and indeed most projects do best when there is a little bit of equity as well as loans to go with the project”.
Ghana is looking for to restore policy credibility by asking the International Monetary Fund to help save its currency.
The bailout program is likely to rollout later this year.
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