The depreciation of the Ghanaian cedi alone has raised Ghana’s national debt by GH93 billion ($6.53 billion at the current exchange rate) since the beginning of 2022, according to the 2023 budget statement from the Ministry of Finance, Ken Ofori-Atta.

The country’s depreciation results from its inability to access the global capital markets as a result of ongoing credit rating downgrades. Further depreciation has also been influenced by tightening domestic financial constraints and rising borrowing costs.

According to Ofori-Atta, the financing of electricity and the increasing demand for foreign exchange to pay for import bills, notably the import of oil, have exacerbated the performance of the cedi and caused a sharp depreciation.