(Reuters) – The International Monetary Fund confirmed on Sunday that a team of staff will visit Ghana this week to continue discussions with the authorities on policies and reforms that IMF lending arrangements could support.
Ghana turned to the International Monetary Fund for help in July as its balance of payments deteriorated and hundreds took to the streets to protest economic hardship. A team of International Monetary Fund experts briefly visited the country two weeks later.
Reuters reported last week that a team from the International Monetary Fund will visit Ghana this week. The International Monetary Fund said in a statement on Sunday that the team would arrive on Monday and would stay until October 7.
The government of Ghana, a major producer of gold and cocoa, is struggling to tame accelerating inflation, reduce public debt and bolster the local currency. The balance of payments deficit ballooned to nearly $2.5 billion at the end of June from about $935 million in March.
A source familiar with the matter told Reuters last month that the final agreement between Ghana and the International Monetary Fund would likely consist of $3 billion in financing over three years, and include elements of both the Extended Credit Facility (ECF) and the Extended Fund Facility. (EFF) Software.