Multiplying your credit demand won’t transform anything – Prof Steve Hanke tells govt
Bloomberg revealed that Ghana’s advance solicitation from the IMF has been multiplied from $1.5 billion to $3 billion.
“Since dealings for the program are beginning currently, it’s too soon to remark on the last structure the program will take,” an IMF representative said in a messaged reaction.
“The Extended Credit Facility for low-pay nations is the Fund’s primary apparatus for medium-term support for nations confronting extended equilibrium of installments issues, like Ghana’s. The span of such a game plan is between three to four years, and extendable to five years,” Bloomberg reportage added.
The Government of Ghana, on July 1, reported a u-turn of an underlying choice of not falling back on the IMF for help in spite of monetary difficulty stirring things up around town.
Thusly, a group from the IMF showed up in Ghana to begin exchanges with the Ghana government. The public authority has since kept up with to get a reasonable setup for the country.
In July, Ghana’s Pres. Akufo-Addo passed the begging bowl to the IMF—for the 17th time. Today, GHA’s inflation surges at 63%/yr by my measure. To stop it, a currency board is what a good Money Doctor would prescribe. https://t.co/15nhOUBc0O
— Steve Hanke (@steve_hanke) August 13, 2022
