Ghana’s recent macroeconomic state has been dire. In the first quarter of 2022, the country suffered a series of international credit-rating downgrades, prompted by sharply deteriorating fiscal outcomes. This shut Ghana out of the international bond market, hitherto a key source of budget and balance-of-payments financing. Following the loss of bond market access, the balance of payments erupted into crisis. From December 2021 to June 2022, the overall balance of payments position worsened from a US$500 million surplus to a US$2.5 billion deficit, thus indicating a deterioration of US$3.0 billion in just six months. This caused the stock of foreign […]