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.

Other stories

Related Posts

7 money mistakes that keep you poor that you might not know

Focus on paying off your debt as soon as possible by creating a repayment plan and sticking to it. Not Investing Another common money mistake that keeps you poor is…

Read more

Continue reading
Safest places to save your money as a young adult

Yes, it’s a lot, and saving it won’t happen overnight. To build an emergency fund, set aside money for it every month. That could be $50, $100, or whatever works…

Read more

Continue reading

Leave a Reply

Your email address will not be published. Required fields are marked *

You Missed

ECG Raids Katakyie Afrifa’s Residence Over Alleged Illegal Electricity Connections

  • By djfly
  • June 19, 2025
  • 21 views
ECG Raids Katakyie Afrifa’s Residence Over Alleged Illegal Electricity Connections

Government Shuts Down Wontumi FM, Asaase Radio, and 60 Other Stations for Regulatory Breaches

  • By Gossip
  • June 12, 2025
  • 9 views
Government Shuts Down Wontumi FM, Asaase Radio, and 60 Other Stations for Regulatory Breaches

Understanding the Rejection of Kennedy Agyapong’s $20m Property by EOCO

  • By Gossip
  • June 9, 2025
  • 11 views
Understanding the Rejection of Kennedy Agyapong’s $20m Property by EOCO

Unraveling the GH₵50 Million Controversy: Wontumi’s Response

  • By Gossip
  • June 8, 2025
  • 19 views
Unraveling the GH₵50 Million Controversy: Wontumi’s Response

I’ve Been Quietly Cooperating with NIB” – Dr. Opoku-Prempeh

  • By Gossip
  • June 4, 2025
  • 15 views
I’ve Been Quietly Cooperating with NIB” – Dr. Opoku-Prempeh

Ghana’s Ambulance Scandal: Ken Ofori-Atta Faces Interpol Red Notice

  • By djfly
  • June 2, 2025
  • 23 views
Ghana’s Ambulance Scandal: Ken Ofori-Atta Faces Interpol Red Notice