<\/p>\n
The International Monetary Fund (IMF) and Ghana are expected to reach a staff-level agreement on a loan deal by Tuesday at the latest, said three sources with knowledge of the ongoing talks.<\/p>\n
The IMF did not immediately respond to a request for comment. A spokesperson for Ghana\u2019s finance ministry said they cannot comment beyond that the negotiations were ongoing.<\/p>\n
Two sources said that the IMF program was expected to be an extended credit facility, which provides financial assistance to countries.<\/p>\n
One of those sources and a third source said that major hurdles in the negotiations were overcome this week which sped up the process.<\/p>\n
Ghana turned to the IMF for help in July, and an IMF team is currently in the country until Tuesday.<\/p>\n
Finance Minister Kenneth Ofori-Atta has said he is hoping for a relief package of up to $3 billion, possibly over a three-year period, as the West African country faces its worst economic crisis in a generation.<\/p>\n
The cocoa, gold, and oil-producing West African nation has said it needs the deal by the end of the year.<\/p>\n
The government has begun restructuring its debt this week by rolling out a plan to swap $10.5 billion in local bonds with new ones, but has not yet announced plans for a foreign debt restructuring<\/p>\n
One source close to the matter said that the conditions for an external debt restructuring were the final hurdle and that an agreement was expected to be reached on Friday.<\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
The International Monetary Fund (IMF) and Ghana are expected to reach a staff-level agreement on a loan deal by Tuesday at the latest, said three sources with knowledge of the ongoing talks. The IMF did not immediately respond to a request for comment. A spokesperson for Ghana\u2019s finance ministry said they cannot comment beyond that […]<\/p>\n","protected":false},"author":1,"featured_media":1260762,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[72],"tags":[3449,1759,85,3074,3068,27797,1449],"class_list":["post-1263652","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-agreement","tag-expected","tag-ghana","tag-imf","tag-reach","tag-stafflevel","tag-tuesday"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1263652","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/comments?post=1263652"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1263652\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1263652"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1263652"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1263652"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}