Ghana’s economy has been facing significant challenges since 2020, with its currency, the cedi, losing more than half of its value against the US dollar. The economic downturn has affected both individuals and businesses, forcing them to cut expenses and, in some cases, staff. A new debt agreement, restructuring $13 billion of international debt, offers a glimmer of hope for recovery. Despite the challenges, there is cautious optimism about the impact of the IMF-backed deal on the economy, especially with crucial elections approaching in December where economic issues are anticipated to be a focal point.
- Ghana’s economy has been struggling since 2020, with the cedi losing over half its value against the US dollar.
- Individuals, such as Joseph Yam, have been forced to cut down on expenses, including grocery shopping, due to rising costs.
- Businesses, represented by car importer Mike Oeni’s experience, have been negatively impacted, leading to layoffs and operational downsizing.
- A new debt agreement aims to restructure $13 billion of international debt, providing a potential pathway to economic recovery.
- Professor of Economics Godfred Bokpin views the deal as providing “clarity and certainty” and does not expect it to cause a dramatic impact on the cedi’s value immediately, as its benefits have already been anticipated.
- Ghana is approaching crucial elections in December, with economic issues expected to dominate the agenda.
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