Ghana’s president promises a “disciplined” IMF loan.

JPMorgan says fast Ghana debt rework would boost Eurobond prices.

Ghanaian President Nana Akufo-Addo said on Wednesday that his government intends to take a “very disciplined approach” to implementing the IMF’s loan program.

The IMF’s executive board approved a $3 billion loan for the African country over three years last week, with a $600 million immediate disbursement.

Akufo-Addo said at a Bloomberg-organized economic forum in Qatar that Ghana was committed to “rationalisation of expenditure” and that the IMF’s program would allow his government to access international debt markets.

He stated that China played a “positive and proactive role” in granting the IMF permission to look positively at the Ghanaian situation.

“I have no reservations or reservations about China’s involvement “I know it’s a point of contention in the West…but they’ve been great friends to us,” Akufo-Addo said.

Ghana and Ivory Coast, the world’s top cocoa producers, have come under fire from Western countries, including the European Union, for employing children on cocoa farms.

“I have no doubt that we will meet the EU legislation’s requirements…”We are confident that the allegation of child labor forms an important part of our cocoa; it is, in fact, an unfounded allegation,” he said.

When asked about the possibility of exchanging gold for oil, he stated that it was already taking place.

“That’s very much on the table, and it’s helping in terms of its impact on our dollar outflows,” he said.

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