Ghana Finance Boss Aims to Keep IMF Checks After Bailout End

Ghana will continue to subject its public finances to the scrutiny of the International Monetary Fund after its bailout program with the lender ends in April, Finance Minister Ken Ofori-Atta said. While the government doesn’t intend to ask for a second bailout deal, it will seek other forms of cooperation with the IMF such as the Policy Support Instrument program, Ofori-Atta said in an emailed response to questions, Bloomberg News reported. Countries that sign up for the PSI program commit themselves to “close policy dialogs” and half-yearly assessments of economic and financial policies, according to the IMF. “This is appropriate for our status and in line with our medium-term economic-policy reforms,” said Ofori-Atta. Ghana will “take seriously” the IMF’s assessments of its economic health to prevent future financial problems, he said. The West African nation turned to the IMF in 2015 for an almost $1 billion extended credit-facility program, after years of overspending and a collapse in the value of the cedi caused its debt to balloon and risked a default. Read more.
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