Ghana gov’t unsure of form of IMF bailout due Nov

The Ghana government is hoping to reach an agreement with the International Monetary Fund (IMF) by November on what form a bailout being sought by the West African country will take, Deputy Minister of Finance Mona Helen Quartey has said.

Ghana is turning to the Bretton Wood institution to help salvage her ailing economy. The IMF team is expected in Accra on September 15.

“By November, we should have agreed on how we are going forward, if it will be a programme, what level of programme it will be - whether a two or three-year programme," Quartey told Reuters on the sidelines of an investment conference in London.

“It would be nice to have the IMF in discussion on some of our short-term challenges, the issues that we now have, and how to overcome them,” she said.

She added: “Their technical advice and experience will be helpful, and if there are any areas that need financial assistance, balance of payments or so forth, that would be useful.”

The local currency, the Ghana Cedi, has been depreciating over the last few months against major foreign currencies, especially the US dollar coupled with high cost of living.

Inflation currently stands at 15.3 percent.