Ghana’s economic growth rises to 3.8% in Q4, 2023

Ghana’s economy grew by 3.8% year on year in the fourth quarter of 2023 compared to its 2.0% growth rate in the third quarter.

According to Reuters, Ghana’s statistics agency announced the above information on Wednesday.

The West African country is beginning to show signs of improvement from its worst economic crisis in a generation caused by a surging public debt.

After defaulting on most of its overseas debt in 2022, Ghana on January reached a deal to restructure $5.4bn of loans with its official creditors.

It is now pushing for a deal with holders of about $13bn in international bonds.

Earlier in the year, The President of the country aired his opinion on the external debt crisis the Ghanaian economy is currently facing.

Ghana’s economy has started to recover since the government last year secured a $3 billion loan programme with the IMF.

The country remains the largest gold producer in Africa with gold output expected to reach 4.5 million ounces per year.