The recent sharp widening of Ghana’s twin budget and current account deficits has fuelled speculation that the country may require some external help to stave off a fiscal and balance of payments crisis. For our part, we think that Ghana will probably now turn to the IMF over the next 6-12 months, with the most likely course of action being an agreement for technical assistance or a flexible credit line. In this scenario, a crisis should be averted, but growth will slow sharply.
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