19 Jul 2009

Ghana secures $US600 million loan from IMF

6:16 am on 19 July 2009

Ghana is to get a $US600 million three-year loan from the International Monetary Fund.

It will also be able to draw up to $US450 million from the IMF through a special facility - expanded after the G20 summit - to help poor countries.

Ghana needs funds to reduce its budget deficit and support its currency. It has been hit by high food and fuel prices, an energy crisis and heavy spending before last year's elections.

The extra $US450 million will come from money that Ghana and others have deposited in the fund. These are held as special drawing rights, a basket of currencies composed of the dollar, euro, yen and pound.

Ghana is the world's second-biggest cocoa producer, Africa's second-biggest gold exporter and is also set to become the continent's newest oil producer.