Ghana's Finance Minister Ken Ofori-Atta gestures during a news conference in Accra, Ghana December 13, 2022. REUTERS/Cooper InveenGhana's Finance Minister Ken Ofori-Atta gestures during a news conference in Accra, Ghana December 13, 2022. REUTERS/Cooper Inveen
as Ghana has grappled with runaway inflation, a depreciating local currency and spiraling debt. It is expected to slow to 3.7 % in 2022 and to 2.8 % in2023, Finance Minister Ken Ofori-Atta said during his budget presentation last month. The West African country defaulted on most of its external debt on Monday, the latest event reflecting the dire state of its economy amid efforts to plug a gaping balance of payments deficit.
The government reached a $3-billion staff-level agreement with the International Monetary Fund last week. Its approval is conditional on comprehensive debt restructuring.
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