Due to the cedi’s depreciation, Ghana’s governmental debt grew by GH93 billion, according to Ofori-Atta.

“The budget revealed that Ghana spends more than $10 billion on imports per year. It has been challenging to meet the import needs, which include crude oil and petroleum products worth around US$400m (GH4.80bn) a month, given the poor foreign profits. In order to finance the lights in homes and businesses, the Ministry of Finance also needs roughly US$1.0 billion annually “explained he.

Ghana is asking the International Monetary Fund for a $3 billion Extended Credit Facility (ECF) programme over three years. This means that even the debt that has developed as a result of the depreciation of the Ghanaian cedi cannot be paid off by this hypothetical bailout.

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