ACCRA (Reuters) – Ghana’s finance minister Ken Ofuri-Atta said on Thursday that the government was determined not to seek help from the International Monetary Fund (IMF) to help it get out of debt.
In March, the Ghanaian government announced spending cuts to tackle inflation, reduce deficits, restore a falling local currency and reassure frightened investors.
“We have pledged not to return to the fund because … the fund knows we are in the right direction,” he told a media conference. “It’s about verifying the program we have and finding other ways to manage your debt without going to the fund.”
Despite efforts by West African gold, oil and cocoa producers to control rising prices and revive a debt-ridden economy, consumer inflation rose to an 18-year high of about 24% in April.