Ghana’s balance of payments deficit hits nearly $2.5 billion in June

It also showed that foreign reserves fell to less than $3.6 billion, from $5.1 billion over the same period.

These figures underscore the dismal state of the Ghanaian economy, which has prompted the government to turn to the International Monetary Fund (IMF) to help stabilize its finances.

The West African nation saw runaway inflation hit 29.8% in June, its debt-to-GDP ratio settle at 78.3%, while its currency, the cedi, lost nearly a quarter of its value this year.

The crisis sparked protests in the capital Accra and a preliminary standoff with public sector workers over wages. Earlier this month, the Ghanaian government weathered a planned strike by public sector workers, reaching an agreement with the country’s main unions to increase the cost of living allowance by 15%.

An IMF team visited Ghana earlier this month but has yet to agree a support package with the government.

Ghanaian lawmakers on Wednesday approved a $750 million loan from the African Export-Import Bank (Afreximbank) and continued negotiations on another $250 million loan, as the country seeks to overcome the deficit in its balance of payments.

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