In the third quarter of 2023, Ghana witnessed a deceleration in economic growth, dropping to 2.0% compared to the previous quarter’s 3.2%. The nation, facing its most severe economic crisis in a generation, grapples with a significantly devalued cedi and double-digit inflation impacting consumers.

This downturn is primarily attributed to a downturn in the industrial sector, particularly in mining and construction, as highlighted by the statistics agency. Despite challenges, the agriculture sector made a positive contribution, notwithstanding a challenging season for cocoa farming.

In November, there was a notable slowdown in both producer and consumer inflation. Producer inflation decreased from a revised 9.7% in October to 2.0%, while consumer inflation dropped from 35.2% to 26.4%.

Simultaneously, Ghana is actively engaged in negotiations for a debt restructuring deal with official creditors. The aim is to swiftly secure the next $600 million from the International Monetary Fund as part of a $3 billion rescue package, signaling the country’s commitment to navigating through these economic challenges.

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