Economic downturn in Ghana

Managers of Ghana’s economy are being called to rise to the occasion in the face of worsening economic fundamentals across all critical sectors of the economy. From the downgrading of credit ratings to the depreciation of the country’s currency (the cedi) and inflation reaching a record high over the last 25 years, businesses’ survival and people’s livelihoods are at risk. The Government of Ghana (GoG), led by H.E. President Nana Addo Dankwa Akufo Addo, is now racing against time to rescue this dire economic situation, in the second largest economy in West Africa, by introducing urgent and difficult interventions. These include an application for an extended IMF credit facility, an injection of fresh capital from syndicated loans, and more cuts in government expenditure. However, it is yet to be seen if these measures will be enough to stop further economic decline in the face of Ghana being continually blocked from the international bond market, and the low levels of internal revenue inflows.