Ghana’s economy has increased by 3.8% year-on-year in the fourth quarter of 2023, compared to its 2.0% growth rate in the third quarter.
Ghana Statistical Services, the country’s statistics agency announced this on Wednesday, March 20, 2024.
The West African country is gradually recovering from its most severe economic crisis in a generation, which was triggered by soaring public debt.
Having defaulted on a significant portion of its overseas debt in 2022, Ghana made progress in January by reaching an agreement to restructure $5.4 billion of loans with its official creditors.
Currently, the country is striving to negotiate a deal with holders of approximately $13 billion in international bonds.
In the previous year, Ghana successfully implemented a restructuring of its domestic debt, marking a significant step in its economic stabilisation efforts.
The nation’s economic trajectory will play a crucial role in the upcoming presidential election scheduled for December.
President Nana Akufo-Addo’s New Patriotic Party will be campaigning for an unprecedented third term in office, and the country’s economic recovery will undoubtedly be a central focus of the election discourse.
“We are committed to concluding the external debt restructuring process as soon as possible, so we move past the crisis,” Akufo-Addo said in a State of the Nation address in parliament.
ALSO READ: Teacher unions in Ghana declare nationwide strike over delayed negotiations