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Ghana looking at 3-year IMF programme of $2 bln-$3 bln -finance minister

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The seal for the Worldwide Financial Fund is seen close to the World Financial institution headquarters (R) in Washington, DC on January 10, 2022. (Photograph by Stefani Reynolds / AFP) (Photograph by STEFANI REYNOLDS/AFP by way of Getty Photos)

ACCRA, July 28 (Reuters) – Ghana is anticipating a doable three-year programme with the Worldwide Financial Fund (IMF) value about $2 billion to $3 billion, Finance Minister Ken Ofori-Atta mentioned on Thursday.

“We’re pondering of perhaps a three-year programme … however understanding that inside two years we will need to have achieved most of what we intend to,” he mentioned in an interview on Ghanaian tv.

“We stay up for something, perhaps two or three or so billion {dollars} over the interval.”

Gold, cocoa and oil-producing Ghana is going through an almost $1 billion balance-of-payments deficit and turned to the IMF earlier this month for a help package deal after a whole bunch of individuals took to the streets to protest worsening financial hardship. Learn full story

Learn extra: Disaster-hit Ghana modifications its thoughts and turns to IMF for assist

Inflation soared to 29.8% in June and the cedi foreign money has misplaced almost 1 / 4 of its worth this 12 months, issues which the federal government has blamed primarily on exterior elements such because the COVID-19 pandemic and the conflict in Ukraine.

When Ghana final sought IMF help in 2015, it obtained $918 million for a three-year programme. As a result of GDP has now gone up it could improve the quota, Ofori-Atta mentioned.

A employees mission from the IMF visited Ghana from July 6-13 to carry preliminary discussions on the help package deal and has not given a timeline for subsequent steps. Learn full story

“Programmes normally take about six months, however the interventions of discovering help for steadiness of funds must be instant and people discussions are occurring,” Ofori-Atta mentioned.

(Reporting by Christian Akorlie and Nellie Peyton; Enhancing by Marguerita Choy and Matthew Lewis)

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