Ghana seeks IMF aid as reserves dwindle

Government secures Afreximbank loan and MPC holds rate despite inflation nearing 30%

Ghana 5 cedi note
Bank of Ghana

Ghana’s parliament accepted a $750 million loan from regional development bank Afrieximbank on July 20, easing pressure on the country’s strained reserves. Parliament’s finance committee had cited finance minister Ken Ofori-Atta as saying “the approval of the facility is urgently needed to avoid the country going bankrupt and help the country meet its obligations”. 

The opposition voted for the measure, but has since objected, saying the governing party and central bank mis-stated the reserves

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