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Ghana to decide on potential IMF programme by Nov-dep finmin
September 5, 2014 / 11:26 AM / 3 years ago

Ghana to decide on potential IMF programme by Nov-dep finmin

LONDON, Sept 5 (Reuters) - Ghana hopes to reach agreement with the IMF by November on a potential programme, though which form the assistance could take was yet to be decided, Deputy Finance Minister Mona Helen Quartey said on Friday.

In August, Accra decided to open talks with the International Monetary Fund on an assistance package in an attempt to fix its fiscal difficulties and the IMF team is scheduled to arrive on September 15.

“By November, we should have agreed on how we are going forward, if it will be a programme, what level of programme it will be - whether a two or three year programme,” Quartey told Reuters on the sidelines of an investment conference in London.

“It would be nice to have the IMF in discussion on some of our short term challenges, the issues that we now have, and how to overcome them,” she said.

“Their technical advice and experience will be helpful, and if there are any areas that need financial assistance, balance of payments or so forth, that would be useful.”

Gold, cocoa and oil exports have buoyed Ghana’s economic growth in the past few years, but the country has also been troubled by fiscal problems, with inflation stubbornly high at just over 15 percent and the cedi clocking a fall of 40 percent since the start of the year.

Quartey also confirmed the government GDP growth outlook of 7.1 percent in 2014 and for 8.0 percent in 2015. (Reporting by Karin Strohecker; editing by Sujata Rao)

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