Ghana has been facing economic challenges and a looming debt crisis, but a recent agreement with bondholder groups could potentially help the country recover. The agreement, which involves restructuring $13bn of international debt, is a key step in Ghana’s economic recovery under an IMF loan deal.
The months-long deadlock in negotiations leading up to the agreement has taken a toll on Ghana’s currency and caused a significant increase in the cost of living for its citizens. The country has been struggling with high inflation and a weakening currency, making it difficult for many people to afford basic necessities.
The IMF-backed deal aims to provide Ghana with much-needed support to stabilize its economy and address its debt issues. However, it will require the country to implement strict economic reforms and austerity measures, which could potentially lead to further hardships for the population.
Despite the potential challenges ahead, Ghana’s agreement with bondholder groups is seen as a positive development for the country’s economic recovery. It remains to be seen whether the IMF-backed deal will be successful in helping Ghana overcome its economic struggles and pave the way for a more stable and prosperous future.
Watch the video by FRANCE 24 English
Video “Ghana’s struggling economy: Can IMF-backed deal help it recover? • FRANCE 24 English” was uploaded on 07/23/2024 to Youtube Channel FRANCE 24 English