Ghana set to get IMF bailout

The International Monetary Fund, IMF has reached an initial agreement with Ghana for a bailout programme worth about $3bn.

The Extended Credit Facility, as it’s termed, is set to run for a period of three years.

Report says it was announced after a team from the IMF concluded its visit to the country.

The bailout is designed to help restore Ghana’s economic stability and ensure debt sustainability.

Ghana is a major producer of gold and cocoa, but its once-booming economy has run into trouble with worryingly high levels of debt.

The money from the IMF, along with the government’s plans to restructure its debt, should help reassure creditors.

Meanwhile, last week Ghana’s currency, the cedi, rallied against the US dollar after losing half of its value earlier this year.

In recent months, inflation has soared to over 40% and the country is in desperate need of money to turn the economy around.

BBC/Christopher Ojilere