2 years ago
Ghana’s ongoing economical woes appeared to worsen successful July aft information from the country’s statistical agency, Ghana Statistical Service, suggested that the ostentation complaint is present astir 31.7%. The astir 2% summation successful the country’s ostentation complaint comes astatine a clip erstwhile the section currency is reported to person depreciated by arsenic overmuch arsenic 30% since the commencement of the year.
Economist Recommends Installation of Currency Board
According to the latest data from Ghana Statistical Service (GSS), the West African nation’s year-on-year ostentation complaint for July roseate to 31.7%. The latest ostentation complaint is astir 2% higher than the 29.8% complaint which was recorded successful June, the information showed.
Confirmation of Ghana’s latest authoritative inflation, which is said to beryllium the highest successful 19 years, coincided with a report suggesting the country’s currency, the cedi, has present depreciated by much than 30% since the opening of the year. The currency’s depreciation has since prompted Steve Hanke — the Johns Hopkins economics prof who estimates Ghana’s existent ostentation complaint to beryllium 2 times higher — to telephone for the contiguous installation of a currency board.
Ghana Wants More From the IMF
Meanwhile, different Bloomberg report has suggested that President Nana Akufo-Addo’s authorities is present seeking $3 cardinal from the International Monetary Fund (IMF). The fig is treble the $1.5 cardinal the authorities initially sought erstwhile it announced its volition to get from the planetary lender again.
As antecedently reported by Bitcoin.com News, Ghana’s worsening economical concern and reports of thoroughfare protests against the increasing hardships had prompted Akufo-Addo’s authorities to reverse its determination not to question a bailout from the IMF.
The Bloomberg study besides suggested that the Ghanaian authorities is hoping an IMF bailout volition assistance reconstruct capitalist assurance successful its economy. However, concerning the bailout talks betwixt Ghana and the IMF, the study cited an unnamed root who said:
Since negotiations for the programme are starting now, it’s excessively aboriginal to remark connected the last signifier the programme volition take. The Extended Credit Facility for low-income countries is the Fund’s main instrumentality for medium-term enactment for countries facing protracted equilibrium of payments problems, akin to Ghana’s. The duration of specified an statement is betwixt 3 to 4 years, and extendable to 5 years.
The source, however, said the IMF committee is going to person the last accidental connected the magnitude of backing that Ghana is going to really receive.
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