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A press conference is being held by the Ministry of Finance to give an update on the Ghanaian economy.
This follows a staff-level agreement between Ghana and the IMF on December 13 for a sum of US$3 billion under an Extended Credit Facility covering a three-year period.
The government of Ghana has stated that it will stop making any debt service payments related to some categories of the country’s external debt component, even though the agreement is contingent on IMF Management and Executive Board approval and receipt of the necessary financing assurances from Ghana’s partners and creditors.
While some observers have characterised the action as Ghana effectively defaulting on its external debt, the government has defended the move as an intermediate emergency measure pending further agreement with the appropriate creditors.
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