Ghana Seeks IMF Aid as Soon as Possible to Stabilize Cedi

Ghana Finance Minister Seth Terkper said that the country wants to sign an agreement with the International Monetary Fund as soon as possible, helping reduce borrowing costs for the government, Bloomberg News reported yesterday. Slumping gold and cocoa prices eroded steps taken to narrow the budget gap and made targets to cut the deficit “too ambitious,” Terkper said. The IMF program will include support for balance of payments, he said. Ghanaian President John Dramani Mahama said last week that his government will seek talks with the Washington, D.C.-based fund to bring stability to an economy battered by the world’s worst performing currency in 2014. Read more..