A team from the International Monetary Fund (IMF) is expected to be in Ghana early next month to begin talks on helping salvage the ailing economy.

A formal request was tabled by Ghana on Friday, August 8.

“Today, IMF Management received a formal request from the Ghanaian authorities to initiate discussions on an economic program that could be supported by the IMF,” a statement signed by Deputy Managing Director of IMF Min Zhu on Friday said.

President John Dramani Mahama, prior to his departure to the United States of America (USA) last week, tasked the Ministry of Finance to begin talks with the Bretton Woods institution for what has been widely considered a “bail-out” – though government denies that.

“The Fund stands ready to help Ghana address the current economic challenges it is facing,” Mr Zhu’s statement noted.