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.

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

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