Ghana's President Nana Akufo-Addo has authorized the country's finance minister to begin formal talks with the International Monetary Fund (IMF), the government said in a statement.

The cabinet indicated its support for the decision at a meeting on June 30, following a phone conversation between Akufo-Addo and the IMF's Managing Director Kristalina Georgieva.

The West African country's government has until now refused to seek IMF support to redress an economy crippled by rampant inflation, a depreciating currency and debt. (Reporting by Christian Akorlie Writing by Sofia Christensen Editing by James Macharia Chege)