Ghana in Focus Special: Dark Days in Ghana , why 2023 and beyond will be difficult for Ghanaians

This week's edition of Ghana in Focus is a special as we highlight the difficult years that the country will be facing because of the damaging economic circumstances Ghana finds itself in .

We explain the reasons why Ghana is in the dire financial meltdown it finds itself in which has led it to go cap in hand to the IMF to get some sort of bailout.

We also explain that one of the conditions of the IMF for Ghana getting this paltry US$3 Billion is the Debt Restructuring Programme .

We explain how this so called Debt Restructuring Programme is flawed and some of the devastating consequences of this programme.

We delve into the fact that Ghana owes external agencies i.e. The IMF, the EU, US, China etc billions of USD and stands to default on some of its external debt. In fact Ghana has defaulted!! We mention some of the dire consequences of Ghana defaulting its external creditors.

We end by stating why the so called Debt Restructuring Programme should be scrapped and the alternatives that the Government of Ghana can do to create internally generated revenue including cutting its expenditure to get Ghana out of the economic quagmire it is facing leading to Dark Days in Ghana for the vast majority of its citizens.

Sources:
Ghana ranked 2nd among countries with highest debt default risk in 2022 by Bloomberg - MyJoyOnline.com

Ghana to default on most external debt as economic crisis worsens | Reuters

Ghana halts payments on large swaths of foreign debt | Financial Times (ft.com)

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