Ghana Plans to Borrow for Infrastructure projects

Ghana’s President Nana Addo Dankwa Akufo-Addo has announced plans to borrow from the international market to finance infrastructure projects. The decision comes after the finalization of Ghana’s $3 billion deal with the IMF. While President Akufo-Addo is not in a hurry to borrow, he believes now is an excellent time to save.

The Finance Minister, Ken Ofori-Atta, emphasized Ghana’s fiscal responsibility commitment and stated that the country would not quickly seek additional borrowing. Ofori-Atta highlighted the importance of revenue generation and prudent expenditure management to ensure financial stability. President Akufo-Addo revealed the level would implement rigorous expenditure cuts to meet the IMF’s conditions. He expressed confidence that the IMF bailout will help revive the Ghanaian economy, emphasizing the need to increase domestic revenue and bring the fiscal deficit to acceptable levels.

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Source: Omanghana.com