Wilson PonGhana Had borrowed $600 million Loan from IMF to Aid Their Country’s Economy!
April 3rd 2010 01:38
The economist experts always say the oil-producing countries might make a lot of fortune, due to the exports of oil to the worldwide!
Well, maybe they should revise their words here, as not every oil-producing country is as lucky as Norway did.
Let’s take an example. Ghana’s one of the leading oil-producing countries in Africa, but the country is suffering from a very serious budget deficit! It has been badly hit by high food and fuel prices over the past few years. Isn’t it sounds ridiculous, as an oil-producing country need to face with the high fuel prices?
Ghana’s recently deficit is 9.4 percent, which is much better than 14.5 percent in 2008! For stabilizing the country’s economy and reduce the budget deficit into a lower rate, Ghana decided to get a $600 million loan from the International Monetary Fund (IMF) to help them boosting up their economy!
Besides a leading oil-producer in the Africa, Ghana is also best known as the world’s second-largest cocoa producer and Africa’s second-biggest gold exporter as well!
Well, maybe they should revise their words here, as not every oil-producing country is as lucky as Norway did.
Let’s take an example. Ghana’s one of the leading oil-producing countries in Africa, but the country is suffering from a very serious budget deficit! It has been badly hit by high food and fuel prices over the past few years. Isn’t it sounds ridiculous, as an oil-producing country need to face with the high fuel prices?
Ghana’s recently deficit is 9.4 percent, which is much better than 14.5 percent in 2008! For stabilizing the country’s economy and reduce the budget deficit into a lower rate, Ghana decided to get a $600 million loan from the International Monetary Fund (IMF) to help them boosting up their economy!
Besides a leading oil-producer in the Africa, Ghana is also best known as the world’s second-largest cocoa producer and Africa’s second-biggest gold exporter as well!
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