IMF Grants $600 Million
Loan To Ghana
The
International Monetary Fund has approved a $600
million loan for Ghana to help stabilize the economy
upset by the global financial crisis.
The approval will allow Ghana to immediately draw
$105 million of the three-year loan, which the IMF
said was "to support the government's economic
program to tackle macroeconomic instability."
It is the first time since 2006 that Ghana has
approached the IMF for financial assistance.
The economy has witnessed a widening budget deficit,
stretched by falling government revenues from a
slump in global trade and commodity prices.
Reuters/Saint/Yinka