General News of 2014-08-03

IMF bailout will stabilise Cedi – Finance Minister

The Minister of Finance, Seth Terkper says the government’s main objective for opting for an International Monetary Fund (IMF) program is to stabilize the cedi to achieve a more predictable economy for investors.

Government on Saturday announced that it would open talks with the IMF for a bailout to support the country’s ailing economy.

President Mahama directed that immediate initiatives be taken to open discussions with the International Monetary Fund (IMF) and other development partners in support of Ghana’s program for stabilization and growth.

The latest move follows months of uncertainty over whether government would fall on the IMF for assistance.

But Mr. Terkper noted that the IMF bailout will help consolidate Ghana’s lower middle-income status.

“The ultimate objective is to stabilize the cedi in order that domestic prices…will be brought under control and therefore that is a consumer welfare of what is to be done,’’ he said.

According to him, “when you stabilize the cedi, you are also looking at a situation where investors do see a more predictable economy as they bring their investments into the economy. So there are benefits in this for both consumers and the business community.”

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