Government, IMF Agree $1 Billion Bailout Deal

Ghana reached an agreement with the International Monetary Fund (IMF) on Wednesday for a three-year aid deal, according to government sources.

The board of the Bretton Woods institution will be presented with the agreement for approval.

The agreed amount worth around $1 billion is aimed at restoring the ailing economy whose currency is struggling to withstand the shocks of inflation.

Ghana grew strongly for years, but the forecast for 2015 is a relatively low 3.9 percent, according to Reuters.

The economy is dogged by a stubborn budget deficit, a currency that fell sharply last year and inflation of 16.4 percent.

Source: Starrfmonline