Akufo-Addo requests concessional financing from the World Bank and IMF to stimulate the economy.

Ghana has requested concessional loans from the World Bank and the International Monetary Fund (IMF) in an effort to revitalize its economy as private sector funding dries up.

The facility is a loan with more advantageous terms than the borrower could obtain on the open market.

The concessionary terms may include a reduced interest rate and/or deferred repayments.

President Akufo-Addo told the visiting Director General of the World Trade Organization that the condition of Ghana's economy makes it difficult to borrow on the capital market.

Ghana's sovereign debt is downgraded to 'Restrictive Default' by Fitch.

He urged the institutions of Britton Woods to act in the interest of ailing economies.

Dr. Pascal Lamy is the Director General of the World Trade Organization.

Ngozi Okonjo-Iweala asserts that struggling economies, particularly those in Africa, must modify their business practices.

"However, we are also urging the WTO to engage in what we call re-globalization; that is, if we want to build resilience in certain global supply chains, we should use this opportunity to consider other developing countries as potential manufacturing locations."

"I believe that these are some of the factors that Ghana should take into account. Ghana is a much-loved country, and I believe that your ability to attract investment should be of utmost importance. Speak with several of these global supply chains to determine if they can also consider Ghana as a potential destination."

Ghana's decision to restructure its local currency and foreign debt has resulted in the first-ever loss for two of the country's leading banks.

The Ghana Commercial Bank PLC, the country's largest lender by assets, posted its first annual net loss since 1993, totaling 593,4 million cedis for the year ending in December.

Standard Chartered Bank Ghana Ltd., the largest bank in terms of market capitalization, also reported a loss of 297,8 million cedis.

According to calculations by Joy Business, banks operating in Ghana have suffered a loss of approximately $1.4 billion as the country restructures the majority of its estimated 576 billion cedis public debt.

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Tags:   IMF Loans Nana Akufo-Addo World Bank