- The sudden spike in interest rates forced Ghana to request it’s 17th IMF bailout ($3B loan) since gaining independence (1957).
- As central banks worldwide hiked interest rates to quell inflation, Ghana’s foreign debt become more expensive to repay with local currency; 70% of government revenues were going towards repaying its $63B debt.
- Ghana’s heavy reliance on gold, cocoa and oil exports make it vulnerable to sudden price swings and its export-driven economy hasn’t generated widespread jobs.
- Article profiles Ghanians struggling under 40-50% inflation.
