Ghana gov't opts for IMF bailout

StarrFMonline.com can report on authority that the Government of Ghana has decided to go for an IMF bailout to save the West African country's economy from crumbling.

Ghana is currently reeling under a litany of economic hardships.

The local currency has depreciated by 30 percent since the beginning of the year. Inflation has also risen to 15 percent.

The John Mahama administration had earlier said it would focus on using homegrown solutions to deal with the economic crises, but latest information gathered by StarrFMonline.com indicates that the Government has made a volte-face and decided to seek help from the International Monetary Fund.

The decision comes less than 24 hours after a Senior Economic Adviser to the President, Dr Nii Moi Thompson, told Accra-based Citi FM that the Government had not totally shelved the idea of seeking help from the Bretton Wood Institution.