across the country in late June. Ghana’s apparent volte-face also came less than two months after the central bank hiked main interest rates by 200 basis points to 19%.
In addition to the spiraling inflation rate, Ghana has to contend with a negative balance of payments position which grew to $934.5 million in the first quarter of 2022. In the first quarter of 2021, the country’s balance of payments deficit was $429.9 million.Meanwhile, the analyst quoted in the report praised Ghana’s decision, which they believe will help its economy.
This decision was almost inevitable, given the worsening economic situation and the threat of a balance of payments crisis due to the deteriorating external environment. Mensah also hinted that talks with the IMF could potentially boost investors’ confidence in the country’s ability to meet its obligations. In the meantime, anotherquotes an IMF spokesperson who pledges the institution’s readiness to help “Ghana to restore macroeconomics stability; safeguard debt sustainability, promote inclusive and sustainable growth and address the impact of the war in Ukraine and the lingering pandemic.
Ghana, which is West Africa’s second largest economy and one of the continent’s biggest producers of gold, has been reeling from the effects of the global pandemic and is reportedly close to a debt crisis.
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