The Republic of Ghana is grappling with a devastating combination of soaring debt rates, widespread hunger, and escalating human suffering. The latest economic indicators reveal a staggering increase in the national debt, which has risen by percentage in the past year alone.
This alarming trend has coincided with a sharp decline in living standards, leaving millions struggling to access basic necessities like food, healthcare, and shelter. The United Nations has warned of an impending humanitarian crisis, with countries like Ghana teetering on the brink of economic collapse.
Critics point to government mismanagement, corruption, and a lack of investment in social welfare programs as key factors contributing to the crisis.
The situation has sparked widespread protests, with citizens demanding urgent action to address the deepening economic and social emergency.
As the debt rate continues to spiral out of control, the Republic of Ghana faces an uncertain future, with far-reaching consequences for its people and the global economy.”
This represents a slight rise from the previous total of GH¢587.7 billion, equal to US$51.1 billion.
The significant increase in debt has sparked discussions among policymakers, economists, and the public, with many blaming different factors for this financial strain.
The Minister of Finance, Dr Amin Adam, has identified the weakening of the Ghanaian cedi as a major contributing factor to the rising debt.
The continued devaluation of the cedi against key foreign currencies, particularly the US dollar, has increased the expenses associated with repaying foreign debts, thus adding to the overall debt burden.
During the monthly Economic Update at the Finance Ministry in Accra on Thursday, August 29, 2024, Dr Amin Adam shared information about the economic performance. He highlighted that the rise in cedi terms and the fall in US dollar terms can be attributed to the depreciation of the cedi. He stated
The current President of the Republic of Ghana is Nana Akufo-Addo, who was sworn into office for his second term on January 7, 2021. He is the fifth president of Ghana’s fourth republic and has been a prominent champion of human rights, rule of law, justice, freedom, and democracy in Ghana
