Ghana: IMF deal to deepen economic change

GHANA wanted to use a financial assistance deal struck last week with the International Monetary Fund (IMF) to fuel a deep transformation of its economy rather than simply to restore fiscal balance, Finance Minister Seth Terkper said. The government embarked on its shake-up of the economy even before the $940 million (R11 billion) agreement with the IMF and its aid will help the programme to endure beyond elections in 2016, when President John Mahama will likely run for a second term. The vision included enhancing a “local content” law passed last year to ensure Ghanaian participation in the oil and gas sector, more petroleum deals for the national oil company and a more rigorous approach to debt management, Terkper said. – Reuters