A stream of heavily-indebted countries have been forced to go to the IMF this year, including Sri Lanka, Pakistan, Egypt and Tunisia, as the rapid rise in global borrowing costs and soaring energy and food prices in the wake of Russia's war in Ukraine have made government debt increasingly unmanageable.Representatives of Ghana's Finance Ministry, the Central Bank and IMF address the media during a news conference in Accra, Ghana December 13, 2022.
"This should strengthen the government's position in further negotiations with creditors and encourage them to push through new revenue measures including a VAT increase from 12.5% to 15%," Kuseh said. Government spending cuts and several increases to central bank interest rates had previously failed to tame inflation and stem the cedi's fall.
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