Ghana’s Gross Domestic Product (GDP) grew by 3.3 percent in first quarter of 2022 and 2.9 percent in third quarter of the year. The country’s revenue underperformed even after the late introduction of the e-levy.The public debt as at June 2022 rose to 78.3 of GDP. Interest payment was also 54.4 percent of revenue in the first half of the year. Ghana’s discussions with the International Monetary Fund (IMF) began in July 2022. By then inflation was around 32 percent. We began the year with an inflation rate of 13.9 percent, picking up with just a minimal 1.3 percent above December’s 12.6 percent last year. inflation as at November 2022 was hovering around 50.3 percent. And the cedi has depreciated 24 percent against the dollar in July . The stock of gross international reserves declined by US$2 billion in the first half of 2022, to 3.4 months of imports. Although the Cedi in the recent month has made some gains against major trading currencies, which has culminated in the reduction of petroleum products and subsequently transport fares, prices continue to soar for both food and non-food items.
by Joyce Quayesam