No credit allowed to Ghana
NZPA - Reuter Accra Ghana, in arrears with its repayments of short-term international loans, is being refused further credit by foreign exporters and bankers, according to the Bank of Ghana in Accra, the capital. In its latest monthly economic bulletin, the bank said arrears of short-terms payments totalled $433 million. It said that because of the country’s inability to clear its payments arrears, “the ' flow of imports under the 1979 import programme has ; been adversely affected by : the reluctance of some foreign exporters and foreign bankers to extend more credits to Ghana unles there 'is a significant reduction in the level of these arrears.” Ghana’s poor economic performance since indenendence has been caused by overspending by the Government, and nearly eight years of economic mismanagement and incomnetence under successive military regimes. The countrj' returned to civilian rule on September 24. the new President (Dr Hilla Linani declaring that i Ghana faced bankruptcy
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Press, 12 October 1979, Page 6
Word Count
156No credit allowed to Ghana Press, 12 October 1979, Page 6
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