Growth slump: Ghana gets $1bn loan from IMF

  • Ghana has secured a $1 billion loan from the IMF in an attempt to revive its economy.

    The three-year agreement was clinched after months of talks following the country’s inability to meet deficit, inflation and growth targets.

    The country's economy had been growing at an annual rate of 8% thanks to a boom in exports such as cocoa and gold, but the growth slumped to 4.2% last year amid falling commodity prices and a depreciating currency.

    The IMF loan will be given in installments starting from April, media reports said.

    Tagged as: Ghana, IMF loan, Ghana economy, deficit, inflation, cocoa gold, commodity prices, currency, business news