Guinea Bissau Asks for ‘Urgent’ Aid as Economic Growth SlowsAndres R. Martinez
West African governments are meeting in Ghana on Monday to discuss financial aid for Guinea Bissau.
The nation “needs an urgent injection of funds to prevent a total collapse of the country’s economy,” Ghanaian President John Dramani Mahama’s office said in an e-mailed statement.
The International Monetary Fund agreed to lend Guinea Bissau $5.4 million last year after the nation cut its growth forecast because of a drop in the price of cashews and difficulties raising money. Former Finance Minister Jose Mario Vaz won an election in May.
The country of 1.7 million people is Africa’s second-largest producer of cashew nuts. The nation has had three coups and one president assasinated since 2009. No president has finished his mandate for the past two decades.