ACCRA (Reuters) -Ghana is on course for IMF staff to present the organisation’s executive board with Ghana’s request for a loan programme by the end of the month, President Nana Akufo-Addo said on Wednesday after months of detailed talks.
The West African country, struggling with its worst economic crisis in a generation, secured a staff-level agreement with the IMF in December for a $3 billion loan, but the money’s approval is contingent on it restructuring its debt of 575.7 billion cedis ($47.6 billion).
“We are on course for the IMF Staff to present to the IMF executive board Ghana’s programme request for a 3 billion dollar extended credit facility by the end of the month,” said Akufo-Addo during his annual address to the nation.
Akufo-Addo also said that while he did worry about the extraordinary expenditure on security at the country’s borders, Ghana had no choice but to spend resources to keep its borders safe.
Ghana borders Burkina Faso, where Islamist insurgent groups have been attacking a range of civilian and military targets, causing deaths and displacements and worsening a food insecurity crisis.
($1 = 12.1000 Ghanian cedi)
(Reporting by Christian Akorlie and Cooper InveenWriting by Anait MiridzhanianEditing by Estelle Shirbon)
