Ghana’s third-quarter economic growth slows to 2%
Ghana's economy slowed in the third quarter of 2023, with growth slowing to 2% year-on-year, as reported by the country's statistics agency on Wednesday. This growth rate is a decline from the previously announced 3.2% in the second quarter.
Currently facing its most severe economic crisis in a generation, Ghana is contending with a significantly devalued cedi currency and double-digit inflation.
Efforts are underway to negotiate a debt restructuring agreement with official creditors, a crucial step toward receiving a $600 million disbursement from the International Monetary Fund. This disbursement is part of a $3 billion rescue loan aimed at stabilizing the country's economy.
Ghana faces a debt overhaul after its already strained finances buckled under economic fallout from the pandemic and Russia’s invasion of Ukraine. The West African nation is negotiating its international debt rework under the Group of 20’s Common Framework platform and completed a domestic debt exchange this year. According to government data, some $5.4 billion of debt to official creditors has been earmarked for restructuring, as well as $14.6 billion owed to private overseas creditors. Although Ghana’s process has been faster and smoother than Zambia’s, the first African country to default in the Covid-19 era.