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According to its April 2023 Africa Pulse Report, the large deficit is expected to be compounded by severe financing constraints resulting from a limited ability to issue long-term domestic debt and a lack of access to international capital markets.
“The economy has been struggling with high levels of public debt and elevated inflation (52.8 percent in February 2023) fueled by a sharp weakening of the cedi (a cumulative depreciation of 40 percent in 2022 and about 20 percent in 2023 so far)”, it added.
According to the World Bank’s April 2023 Africa Pulse Report, though the rate of inflation is expected to have peaked for most countries in the region, it is not same for Ghana and the two other countries.
In its April 2023 Africa Pulse Report, the Bank said the cedi was the worst performing currency in Sub-Saharan Africa in 2022, posted a depreciation of about 40%.
The World Bank has lowered Ghana’s growth rate for 2023 to 2.0%, placing it at the 29th position in Sub-Saharan Africa. | Pulse Ghana