Ghana's President Nana Akufo-Addo has sought to reassure the country his government can manage an economic "crisis" as it negotiates a loan agreement with the International Monetary Fund.
Under pressure from his own lawmakers to fire his finance minister, Akufo- Addo on Sunday night gave a television address urging Ghanaians to support his decision to reverse his position and seek an IMF loan.
Hit hard by the global pandemic and fallout from Ukraine's war, Ghana is seeking a $3 billion credit as the country faces 35 percent inflation, a sharp fall in the cedi currency and high debt service payments.
"We are in a crisis, I do not exaggerate when I say so," he said in his speech. "I urge us all to see the decision to go to the International Monetary Fund in this light. We have gone to the fund to repair, in the short term, our public finances."
The IMF has opened talks with Ghana over a deal and Akufo-Addo said they expected to reach an agreement before the end of the year.
"This will give further credence to the measures government is taking to stabilise and grow the economy, as well as shore up our currency."
The president said the IMF deal would not mean any so-called "hair-cuts" to trim the value of the country's debt, which would mean bond holders would lose money.
He also said the government would review import standards and support farmers in a bid to reduce reliance on now more costly imported goods.
