Already overwhelmed by a strong debt, the country is faced with historical inflation of more than 40 % and with the collapse of the course of its currency.
mo12345lemonde with AFP
Ghana reached an agreement with the International Monetary Fund (IMF) on a loan of $ 3 billion in bailout, the organization announced on Tuesday, December 13. Already overwhelmed by a strong debt, the country of West Africa is faced with historical inflation of more than 40 % and with the collapse of the course of its currency, the CEDI; Economic difficulties aggravated since the Russian invasion in Ukraine.
concluded for the extended credit facility (FEC), the loan “aims to restore macroeconomic stability and the viability of debt while laying the foundations for stronger and more inclusive growth,” said the IMF mission manager in Ghana, Stéphane Roudet. This agreement must now be approved by the IMF Board of Directors in Washington, he continued.
The Ghanaian president, Nana Akufo-Addo, is under the fire of criticism for his management of the economic crisis and in particular for having requested the help of the IMF, he who had once promised a “Ghana without help”. Many Ghanaians fear that with this agreement, the government will be forced to impose austerity measures which would overwhelm the population a little more, already confronted with the explosion of prices.
Ghana is one of the main producers of cocoa and gold and has oil and gas reserves, but its payments for the debt service have skyrocketed. And as the rest of sub -Saharan Africa, it is hard hit by the consequences of the world pandemic and the war in Ukraine.