The local currency - Cedi - on the other hand, depreciated against major trading currencies which led to the suffering of businesses or to a large extent, the collapse of some as they struggled to remain in business.
Government implemented some measures to ensure that the Cedi was strengthened to compete against major trading currencies, especially the US dollar but such a move was temporal as the cedi kept an up-and-down trend.
In the past months, it appeared some Ghanaians have lost hope in the Akufo-Addo government as the cost of living has become high.
Transport fares have also witnessed an upward adjustment which have subsequently led to an increase in the price of goods and services, the business community have also bemoaned the high import duty and other taxes.
But in all things, believers of the gospel - the bible - will say the creator of all things deserves praise as he makes a way when there seems to be no way.
Inasmuch as government had earlier said it wouldn't go to the IMF for help though there were signals that the economy had become weak and many things had to be fixed, it made a U-turn to seek help.
With several consultations, back and forth, the Bretton Woods institution has reached a staff-level agreement with Ghana for a $3-billion extended credit facility.
At a press conference in Accra on Tuesday, December 13, 2022, the Minister of Finance, Ken Ofori-Atta, attributed this success chalked in the IMF deal to God Almighty.
He said, “Indeed, to God be the glory, for these great things He has done within five months...I am certain that He who began a good work will continue until it is finally finished."
“Greater things I believe He will do and let us all gather the harvest with joy. These indeed are both times for a Joseph recovery and also a Nehemiah rebuilding,” the finance minister stated.
The International Monetary Fund (IMF) on Tuesday, December 13, 2022, announced that it has reached a staff-level agreement with Ghana on economic policies and reforms to be supported by a new three-year arrangement under the Extended Credit Facility (ECF) of about US$3 billion.
According to the IMF, the authorities’ strong reform programme is aimed at restoring macroeconomic stability of Ghana's economy.
An IMF team led by its Mission Chief for Ghana, Stéphane Roudet, said Ghanaian authorities have launched a comprehensive debt operation by way of restoring the country's public debt sustainability.
ESA/FNOQ
