Overview
Ghana’s economy in the last few months has seen several changes, including the completion of the Domestic Debt Exchange Programme (DDEP). The DDEP was successful, with 85% of all eligible bondholders signing up. The government has now moved on to the next phase of restructuring its debt by shifting its focus to bilateral creditors. Inflation has been relatively high, hovering above 50% since November 2022 and the Cedi which had witnessed a sharp devaluation in the latter half of 2022 has been stable in the last few weeks, though trading at about 60% of its value at the same time last year.
On the global stage, there is a lot of uncertainty. Global Central Banks, including the Bank of Ghana have been increasing the base lending rates as they try to battle inflation. Dollar reserves in several developing countries are running low, and the short to medium-term outlook shows declining economic growth rates. Are we seeing the world slide into another economic recession?
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