Ghana finance minister survives no confidence vote

As one of the requirements to receive the bailout, it has been urged to restructure its domestic debt, but investors have voiced some reservations.

Ghana finance minister survives no confidence vote

After the opposition accused Ghana's Finance Minister Ken Ofori Atta of having a conflict of interest and being incompetent in running the country's economy, he survived a vote of no confidence in parliament on Thursday.

The nation of West Africa is coping with its biggest cost of living problem, which has caused inflation to increase to 40%.

The issue is being blamed on the combined effects of the Covid-19 pandemic and Russia's invasion of Ukraine, according to the finance minister, who has denied any wrongdoing.

Only 136 opposition lawmakers supported the motion of no confidence in the government on Thursday, as the majority of lawmakers staged a walkout before the vote.

183 MPs are required to pass a no-confidence motion with a two-thirds majority under the constitution.

To stabilize the economy, Ghana is negotiating a $3 billion (£2.4 billion) bailout plan with the International Monetary Fund (IMF).

As one of the requirements to receive the bailout, it has been urged to restructure its domestic debt, but investors have voiced some reservations.