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Bono-Led Relief No Cure as Ghana, Zambia Consider IMF Aid

Less than a decade after Ghana and Zambia had most of their debt written off, the two nations are struggling to finance their budgets and are under pressure to seek emergency loans from the International Monetary Fund.

Government spending in Ghana and Zambia has been growing at what the IMF considers unsustainable levels, both countries had their debt ratings downgraded in the past year and their currencies were the worst performers in Africa against the dollar in the first half of the year.