International Monetary Fund Hold Bail-Out talks with Ghana Government

The International Monetary Fund said Tuesday it was holding talks with government officials in Ghana on possible aid to surmount the African nation’s fiscal and economic challenges.
A team will be in the capital Accra through September 25 for the discussions with Ghanaian authorities, who formally requested IMF assistance on August 8, the Washington-based global lender said.

The brief IMF statement did not provide details about the amount of a possible financing program or reforms the government would need to undertake.

The discussions will continue during the coming weeks, including at next month’s annual meetings of the IMF and World Bank in the US capital, it said.
Ghana — a rare stable democracy in turbulent West Africa and a major producer of gold and cocoa — needs help to restore its economy’s flagging fortunes.

Ghanaian President John Mahama said in early August his country needed help making structural adjustments, including to the huge government wage bill, so that it can balance its budget within a few years.
Falling commodities prices and a stubborn budget deficit of 10.1 percent of gross domestic product have sent consumer prices and business costs soaring and the local currency, the cedi, plunging against the dollar.