Ghana: IMF aid sought as cedi plunges

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Ghana will seek immediate talks with the International Monetary Fund (IMF) to help stem the world’s worst currency slide this year, ending four months of contradictory statements from the government about whether it needs emergency aid. President John Dramani Mahama had instructed his economic advisers to “open discussions” with the IMF, the Ministry of Communications said on Friday. Ghana wanted to start a programme with the IMF to stabilise the cedi, Finance Minister Seth Terkper said on Saturday. The currency has plunged 36 percent against the dollar this year as investors lost faith in the government’s ability to curb spending and rein in a current account deficit that is set to exceed 10 percent of gross domestic product this year. – Bloomberg

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