Ghana, one of West Africa's largest economies, will hold formal talks with the International Monetary Fund (IMF) on a support package, the government said on Friday, after hundreds took to the streets to protest against mounting hardship.
The cabinet gave its support for the decision at a meeting on Thursday, following a phone conversation between President Nana Akufo-Addo and IMF Managing Director Kristalina Georgieva.
"The IMF stands ready to assist Ghana to restore macroeconomics stability; safeguard debt sustainability; promote inclusive and sustainable growth; and address the impact of the war in Ukraine and the lingering pandemic," an IMF spokesperson told Reuters. Ghana's dollar-denominated sovereign bonds rallied sharply, with issues maturing in 2027 jumping more than 7 cents in the dollar to trade at their highest level since May. ,
"There's a limit to the upside in terms of the market now getting excited about an IMF program, because... the IMF is going to require some form of a debt restructuring," said Kevin Daly of emerging market asset manager Abrdn.
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