Ghana inflation hits 21-year high as IMF loan agreed • FRANCE 24 English. Ghana has agreed a $3 billion loan with the International Monetary Fund to help the country steer itself through its ongoing economic crisis. But on Wednesday, Ghana reported its newest inflation figures, and the numbers paint a worrying picture. Clemence Waller has the story in the video above.
It was once considered a rock of economic stability and security on the African continent. Today it battles its worst financial crisis in decades. Ghana is facing more than 50% inflation, growing debt and a collapse of its currency. The Cedi (Ghana Currency) is worth half of what it was last year.
I went to the market today. Going to shop for the week. And then I withdrew 300 Cedis ($27.07). Thinking I would get everything I needed. But I couldn't and I even got nothing for my baby. Because I had very little money left for me to shop for my baby. Patience Tesonkeh - Ghanaian Mother
The government has announced a 2.5 increase in VAT (Value Added Tax) and a freeze on public worker hires to help cut costs and Hike Revenues. The crisis forced the nation’s president Nana Akufo-Addo to seek help from the IMF, Sealing a three-year 3 billion Dollar Loan program earlier this week.
The program also include reforms to strengthen fiscal transparency and public financial management. Improve the management of public enterprises both governance and tackle structural challenges in the energy and cocoa sectors. Stephane Roudet - IMF Mission Chief for Ghana
As they wait for the funding to come through, the Ghanaian people hope that things won’t get worse before they get better. – Clemence Waller from FRANCE 24 English added.
Ben Bo commented 4 months ago on YouTube about a country that takes IMF loans to pay the salaries of its MPs. Balargus also commented on YouTube 4 months ago that The IMF is bad… but not as bad as B&R. Kwame Adjei wrote 4 months ago that this is a bad idea. IMF agree to loan Ghana 3 billion is because we want to trade with Gold instead of Dollars.