A $3 billion funding package that Ghana secured from the International Monetary Fund this month will provide a foundation for repositioning the economy and enable the authorities to better control inflation and interest rates, President Nana Akufo-Addo said.
(Bloomberg) — A $3 billion funding package that Ghana secured from the International Monetary Fund this month will provide a foundation for repositioning the economy and enable the authorities to better control inflation and interest rates, President Nana Akufo-Addo said.
Discipline will be exercised in implementing the deal with the IMF and efforts will be made to ramp up domestic savings, controlling public expenditure and giving impetus to private-sector investment, Akufo-Addo said in an interview at the Qatar Economic Forum in Doha on Wednesday.
Ghana is world’s second-biggest cocoa producer and wants to begin producing its own chocolate to derive more revenue from the industry, but the process is a “daunting” one, according to the president. The government is confident of meeting new European Union standards for cocoa exports, and is working on penetrating new markets for its crop in Asia and other regions, he said.
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Read More: Ghana Hits Pause on Interest-Rate Hikes After IMF Deal Clinched
–With assistance from Yinka Ibukun.
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