Ghana’s President Nana Akufo-Addo has sought to reassure the country his government can manage an economic crisis as it negotiates a loan agreement with the International Monetary Fund.
Ghana is seeking a $3 billion credit as the country faces 35 percent inflation, a sharp fall in the cedi currency and high debt service payments.
The president said the IMF deal would not mean any so-called hair-cuts to trim the value of the country’s debt, which would mean bondholders would lose money.
He says the government would review import standards and support farmers in a bid to reduce reliance on now more costly imported goods.