Ghana is grappling with runaway inflation as prices of basic commodities have spiralled. Government finances are also at their weakest in years. Ghana’s local currency, the cedi, is now the world’s worst performer against the US dollar – a signal of the depth of the country’s economic crisis. Over the past few months, various scholars […]
Can the South Asian economy break from the past and find a route to stability?
Sri Lanka has a new president and prime minister – but a change in who leads the crisis-hit South Asian nation alone will not solve the country’s severe economic problems. Ranil Wickremesinghe – who on July 20, 2022, was voted in by lawmakers to replace fleeing former president Gotabaya Rajapaksa – and his appointed premier […]
Ghana and the IMF have struck a deal, but hard choices lie ahead
In mid-May 2023 the International Monetary Fund (IMF) finally approved a US$3 billion 36-month arrangement with Ghana. It immediately disbursed the first tranche of US$600 million. This is the second time in the past eight years that the country has approached the IMF. And it’s the 17th time since independence in 1957 – that’s roughly […]