that Ghana needed the IMF loan to ensure that
the government’s development programs
continue unhindered, even during the economic
turbulence Ghana was experiencing.
The declining Ghanaian cedi, increase in prices
of utilities and increases in the cost of living led
to large protests in July across several cities in
the country.
Various Ghanaian government officials have also
previously stressed that Ghana’s economy would
need an IMF loan to prop up the Ghanaian cedi,
which lost up to 30 percent of its value against
the US dollar in the first half of this year alone.
Earlier today, IMF Chief Christine Lagarde
indicated that she was optimistic about Ghana’s
economic outlook.
“Ghana is facing a challenging situation and we
are going to continue the bailout discussions
with the Ghanaian authorities to see what will on
the fiscal and monetary point of view be the best
policy mix option for the country,” she said at a
press conference.
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