IMF team travels to Ghana on Monday to discuss loan program request

The International Monetary Fund confirmed on Sunday that a team of staff will visit Ghana this week to continue discussions with officials on policies and reforms that could be supported by a loan arrangement.

Ghana sought IMF assistance in July after its balance of payments deteriorated and hundreds of people took to the streets to protest economic difficulties. An IMF team briefly visited the country two weeks later. Reuters reported last week that an IMF team would visit Ghana this week. The IMF said on Sunday that the team would arrive on Monday and stay until October 7. The government of Ghana, a major producer of gold and cocoa, is struggling to rein in skyrocketing inflation, reduce public debt and shore up the local currency. The balance of payments deficit widened from about $935 million in March to about $2.5 billion at the end of June. A source familiar with the matter told Reuters last month that the final agreement between Ghana and the IMF would cover $3 billion in financing over three years and include elements of both the Extended Credit Facility (ECF) and Extended Fund Facility (EFF) programs. Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!