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IMF team travels to Ghana on Monday to discuss loan program request

(Reuters) – The International Monetary Fund confirmed on Sunday that a team of staff will visit Ghana this week to continue discussions with authorities on policies and reforms that could be supported by an IMF loan facility.

Ghana turned to the IMF in July for help as its balance of payments situation deteriorated and hundreds took to the streets to protest economic hardship. Two weeks later, a team of IMF staff briefly visited the country.

Reuters reported last week that a team from the International Monetary Fund will visit Ghana this week. The IMF said in a statement on Sunday that the team would arrive on Monday and stay until Oct. 7.

The government of Ghana, a major gold and cocoa producer, has been trying to control inflation, reduce public debt and support the local currency. By the end of June, its balance of payments deficit had ballooned to nearly $2.5 billion from about 935 million in March.

A final agreement between Ghana and the IMF could include $3 billion in financing over three years and include elements of two expanded credit facilities, a person familiar with the matter told Reuters last month. (ECF) and Extended Fund Facility (EFF) programs.



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