Breaking News
Investing Pro 0
🚨 Our Pro Data Reveals the True Winner of Earnings Season Access Data

Ghana president says IMF talks will not lead to a debt haircut

Economy Oct 31, 2022 11:56AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: President of Ghana Nana Addo Dankwa Akufo-Addo arrives for his address to the 77th Session of the United Nations General Assembly at U.N. Headquarters in New York City, U.S., September 21, 2022. REUTERS/Mike Segar

By Christian Akorlie and Cooper Inveen

ACCRA (Reuters) -Ghanaian President Nana Akufo-Addo on Sunday said talks with the International Monetary Fund were going well and sought to reassure investors that the negotiations would not lead to a reduction in the face value of government bonds.

The president's speech to the nation sought to reassure Ghanaians and the markets that the government can curb an economic crisis that has forced it to turn to the Fund for financial support.

The talks are "are at advanced stages, and are going well," Akufo-Addo said.

"No individual or institutional investor ... will lose their money as a result of our ongoing IMF negotiations. There will be no haircuts," he said, denouncing as "false rumours" recent reports of a possible such restructuring.

Ghana launched talks with the IMF in July as foreign investors dumped its debt and street protests broke out over economic turmoil that has seen inflation and currency depreciation hit record levels despite repeated and severe lending rate hikes.

"I cannot find an example in history when so many malevolent forces have come together at the same time," Akufo-Addo said.

The Ghanaian cedi has plummeted more than 40% this year, straining importers of both raw and processed materials, while consumer inflation hit a new 21-year high of 37.2% in September on the back of soaring import costs.

The president said the government aimed to restore macroeconomic stability within the next three to six years and to cut the debt-to-GDP ratio to 55% by 2028.

"I believe we can and we will find the means to achieve these goals, even if the immediate measures we have to take are painful," he said.

The IMF estimates Ghana's debt-to-GDP hitting over 90% by year-end.

Ghana president says IMF talks will not lead to a debt haircut
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your investing.com profile, will be public on investing.com and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (2)
Mamadou Sangare
Mamadou Sangare Oct 30, 2022 9:31PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
fjjnxhi
Martin Babei
Martin Babei Oct 30, 2022 7:03PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Having problems paying 15 billion dollars back to China hey? Governments all over the world need to be shot down for lending and lending and lending to oblivion
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email