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IMF, Ghana leaders to discuss possible $3 billion loan to help country’s economy

A DELEGATION  from the International Monetary Fund (IMF) is scheduled to visit Ghana starting Wednesday, July 6, to begin initial discussions with the Ghanaian authorities about a possible 3 billion U.S. dollar bail-out loan.

Ghana had previously refused to seek IMF support.

The visit, which will run until July 13, comes as the West African nation faces protests against spiralling inflation and other economic woes.

Protests began in late June as hundreds took to the streets of the capital Accra to denounce price hikes on basic commodities amid an economic downturn.

‘On the basis of a request from the Ghanaian authorities, an IMF staff team will in the coming days kick-start discussions on a possible program to support Ghana’s homegrown economic policies. We are at an early stage in the process, given that detailed discussions are yet to take place,’ said Carlo Sdralevich, the mission chief for Ghana, and the head of the IMF delegation.

‘The IMF stands ready to assist Ghana to restore macroeconomic stability, safeguard debt sustainability, and promote inclusive and sustainable growth, and address the impact of the crisis in Ukraine and the lingering pandemic,’ he added.

However, labour unions, civil service organisations and citizens in Ghana have severely criticised the government for its decision to seek IMF help.

Critics of the bailout plan say the economic hardship being endured by the people of government will get worse with IMF restrictions.

And the IMF’s social media platforms have been inundated with comments from Ghanaian citizens warning the fund against bailing the Ghanaian government out unless enough fiscal disciplinary measures are put in place.

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