Ghana economy faces scrutiny over debt and currency stability

Ghana's economic landscape is facing intense political scrutiny regarding debt management and currency stability. Education Minister Haruna Iddrisu has attributed the nation's economic distress to excessive borrowing during former President Nana Akufo-Addo’s administration, claiming such actions “cracked” the economy.

In response to currency volatility, the Bank of Ghana has reportedly engaged in aggressive foreign exchange interventions. Analysts suggest these actions, which involve injecting approximately US$1 billion monthly into the secondary market, may be supported by the US$9 billion in foreign exchange reserves accumulated during the previous administration. While these interventions aim to moderate volatility, experts warn that such a strategy may be unsustainable and could distract from necessary structural reforms.

Despite these challenges, the International Monetary Fund (IMF) has provided a positive outlook, raising Ghana’s economic growth forecast for 2026 to 5.7%. The IMF also projects year-end inflation to reach 4.8%, marking an increase from previous estimates.