Ghana is reckoning with its worst economic crisis in years as inflation, capital outflows, currency pressures and a crushing debt-service burden wreak havoc on public finances.
The government on Tuesday announced the closure of a long-delayed domestic debt exchange plan, but it must now restructure its external obligations before obtaining executive board approval for a $3 billion rescue package from the International Monetary Fund [IMF].
To that end, the IMF has appointed a Swiss-funded financial supervision adviser to provide technical support to the Bank of Ghana as the West African nation strives to obtain executive board approval for a $3 billion bailout.
In a statement on Tuesday, Ghana's central bank said the placement represented continued cooperation between Ghana, the IMF, and the Swiss State Secretariat for Economic Affairs.
