The Central Bank of Ghana has lend an amount of 40 billion cedis to the Government of Ghana under the leadership of President Nana Addo-Dankwa Akufo-Addo.
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According to Bloomberg, the International Monetary Fund has asked the Central Bank of Ghana to halt lending to the Government of Ghana to enable the government access a bailout.
Ghana debt reached 575.7 billion cedis ($47 billion) at the end of November 2022, while public debt stood at an estimated 105% of gross domestic product, GDP.
Following the ballooning of the country’s public debt, the Ghana of Ghana have reach out to the International Monetary Fund, IMF for a bailout to help reduce the country’s debt as the government is unable to pay it’s debts to bondholders and investors.
However, one of the conditions the International Monetary Fund, IMF has given to the government of Ghana to be able to reach an agreement is that the Government must stop borrowing from the Bank of Ghana.