Deep financing gap: IMF says Ghana has requested assistance

WASHINGTON: The International Monetary Fund said it is ready to aid Ghana after the country formally requested assistance to surmount fiscal and economic challenges. The global crisis lender gave no information on how much money the Ghanaian authorities are requesting to bridge a deep financing gap that has resulted in a plunge in its currency. “The Fund stands ready to help Ghana address the current economic challenges it is facing,” said deputy managing director Min Zhu.”We expect to send an IMF team to Ghana in early September to initiate discussions on a programme. “Earlier this week, President John Mahama, in Washington for the US-Africa Leaders Summit, said his country needs help to make structural adjustments, including to the huge government wage bill, so that it can balance its budget within a few years. “The international capital markets think there is a credibility gap unless you have the support of the IMF,” he said.

Published in The Express Tribune, August 10^th, 2014.

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