Ghana’s plan to secure USD500 million on its first loan from investment banker Goldman Sachs Group Inc. needs approval from the International Monetary Fund.

“Because of the impact it will have on the country’s debt position, we needed to seek a waiver from the IMF before going ahead,” said Newman Kusi, a finance ministry adviser, on Jan. 20.

The loan will be used to rehabilitate the nation’s rail lines, Bloomberg reports.

About the author

  • Ma. Rizza Leonzon

    As a former staff writer, Rizza focused mainly on business coverage, including key donors such as the Asian Development Bank and AusAID.