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Vol 55 No 23

Published 21st November 2014


Ghana

Oil price down, debts up

Movement on a deal between the government and the IMF is slowing as concern grows over ballooning debts

Hopes that the government would agree a three-year programme worth US$1 billion with the International Monetary Fund this month have been thwarted by worries over debt, deficits and lower oil revenue. Negotiations could now drag on into the first quarter of 2015, according to authoritative sources. As the two sides discussed Ghana's growing debt, now reckoned at well over 50% of gross domestic product, a senior official spoke of 'hard choices' yet to be made. 'Ghana has to balance its short term needs to finance recurrent costs against its plans to restructure the economy which need a much higher level of capital investment than provided for.'

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