No debt haircut from IMF talks: Ghana president

STORY: Ghana's President Nana Akufo-Addo has sought to reassure Ghanaians, and the markets, that the government can curb the West African country's economic crisis.

And that's without leading to a face value reduction in government bonds.

He gave an address to the nation on Sunday (October 30).

"I'm able to report to you, my fellow Ghanaians, that the negotiations to secure a strong IMF programme which will support the implementation of our post-COVID-19 Programme for Economic Growth and additional funding to support the 2023 Budget and Development Programme are at advanced stages and are going well."

Ghana launched talks with the IMF in July as foreign investors dumped its debt and street protests broke out over economic turmoil

"We are in a crisis. I do not exaggerate when I say so. I cannot find an example in history when so many malevolent forces have come together at the same time."

The Ghanaian cedi has plummeted more than 40% this year.

That's triggered soaring import costs - hitting consumer inflation which reached a 21-year-high of 37.2% in September.

The president said the government aimed to restore macroeconomic stability within the next three to six years and to cut the debt-to-GDP ratio to 55% by 2028.