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Monday, August 4, 2014
Ghana is looking to put an IMF program into place to aid it in stabilizing the country’s economy. Ghanaian President John Mahama ordered his government to open talks with the IMF as he believes ‘urgent measures’ need to be taken to halt the slide of its currency.
Ghana’s cedi has fallen by about 40% against the dollar this year, which places the cedi among the world’s worst performing currencies.
“The president has directed that we open negotiations with the IMF,” Finance Minister Seth Terkper told Reuters. The talks however will not be a general assessment of the economy but rather they will be focused on resolving specific problems. “This program is not going to be like any other program that countries have with the IMF.”
“Ghana is currently in a transition as a lower-middle income country. It’s in that context that we will be negotiating with the IMF,” Terkper told Reuters.
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