With inflation at over 50 percent, the currency worth half what it was last year, fuel prices doubling and debt payments gobbling up more than half the government's revenues, Ghana is battling its worst economic crisis in decades. Ghana signed a $3 billion bailout deal with the International Monetary Fund on Tuesday in a bid to shore up public finances, but economic stability is still a way off. Once applauded as a rock of economic stability and security in a region plagued by coups and jihadist wars, Ghana has steadily lost investor confidence. Feeling the pressure: Ghana is battling its worst economic crisis in decades. But his ruling New Patriotic Party says the crisis is all about external shocks -- Covid and Russia's war in Ukraine.

Source: The Star December 14, 2022 12:28 UTC