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IMF set to issue $1 billion loan to Ghana

The International Monetary Fund (IMF) has today confirmed that over $1 billion will be issued to the government of Ghana in order to stabilise the fragile economy. The country has seen a significant drop in the exchange rate, the budget deficit balloon out of control and an economy which is struggling more than most in the worldwide recession.

Ghana is the second largest cocoa producer in the world and a collapse of the economy could have repercussions elsewhere around the globe. The government will receive a $660 million payment this year and the balance of the $1 billion loan between 2010 and 2012. This is the largest single IMF loan to an African country and is a timely reminder to those who thought the worst was over. Make no mistake about it, Ghana will not be the last country to receive an IMF loan and there are likely to be more prominent countries knocking on their door very soon.

Even though much of the attention regarding the demise of the worldwide economy has been centred upon central Europe, America and the UK is easy to forget that Scandinavian and African countries, not forgetting those in the Far East, have also suffered. This recession will leave a significant mark on many economies around the world and act as a reminder of over indulgence in the future.

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