In Ghana, inflation has heightened from 40.4 percent in October to over 50.3 percent in November.
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| President of Ghana, Nana Akufo-Addo |
It is the highest rate since 2004, the currency worth half of what it was last year, fuel prices are doubling and debt payment swallowing more than half of the revenue of the government.
The current situation in Ghana’s economy is the worst that has ever hit the West African country in decades.
Economic stability is still far from Ghana’s grab despite signing a bailout deal with the International Monetary Fund (IMF) of $3 billion.
As a result of this economic challenge, the country is fast losing investor confidence.
Finance Minister Kenneth Ofori-Atta, alongside an IMF team, in Accra, assured debt sway, credit deal and a reform package would bring back investor confidence and pull the economy out of “grave times”.
