UPDATE 1-Ghana plans 'disciplined approach' to IMF loan, says president

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By Andrew Mills

DOHA, May 24 (Reuters) - Ghanaian President Nana Akufo-Addo said on Wednesday his government was planning a "very disciplined approach" in implementing the International Monetary Fund's loan programme.

The IMF's executive board last week approved a $3 billion loan over three years for the African country, with an immediate disbursement of about $600 million.

Akufo-Addo told Qatar's economic forum organised by Bloomberg that Ghana was committed to "rationalisation of expenditure" and the IMF's programme would allow his government to tap international debt markets.

He said China played a "positive and proactive role" in giving the IMF a green light to look at the Ghanaian situation positively.

"I don't have any hesitations or any criticism about the Chinese involvement... I know it's a matter of controversy in the West ...but for us they have been strong friends," Akufo-Addo said.

Ghana and Ivory Coast, the world's top cocoa producers, have faced strong criticism from Western countries, including by the European Union, over the use of child labour in cocoa farms.

"I have no doubt that we will meet the requirements of the EU legislation...We are confident that the allegation of child labour forms an important part of our cocoa, it's not an allegation that has any foundation in fact," he said.

Asked about the possibility of bartering gold for oil, he replied that it was happening already. "That's very much on the table, and it's helping in terms of its impact on our dollar outflows," he replied. (Reporting by Andrew Mills, Rachna Uppal, Nayera Abdallah, writing by Aziz El Yaakoubi; Editing by Andrew Heavens and Christina Fincher)