General News of 2014-08-09

If IMF bailout comes with money, that is fine - John Mahama

President John Mahama says the government is not running to the International Monetary Fund (IMF) for financial assistance.
The government last week announced the decision to seek assistance from the Fund to rescue the country from further plummeting after the local currency plunged to about 40 per cent this year against the US dollar, making the Cedi the worst performing currency in the world in 2014.
But speaking on Bloomberg TV Africa in Washington, where he attended the three-day US-Africa Leaders’ Summit, President Mahama explained that the relief government was seeking from the IMF, “is more along a discussion and a programme that we are looking at.
“If it comes with money, that is fine,” Mr. Mahama indicated.
Ghana is seeking assistance from the IMF less than a decade after it had most of its debt written off as part of a campaign to help poor nations.
With the government failing to adhere to spending controls and debt rising, investors have lost faith in the economy.
President Mahama noted that the IMF's assistance may help to bolster investor confidence as the government prepares to sell as much as $1.5 billion in Eurobonds by the end of August.
“We want to see Ghana transition from a lower middle-income to a middle-income country,” Mahama said.
“If having a closer relationship with the IMF will give that confidence in our partners to be able to work together to achieve that, we are happy to do that,” he added.
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