took the nation into his confidence."We are in a crisis, I do not exaggerate when I say so. I cannot find an example in history when so many malevolent forces have come together at the same time. But, as we have shown in other circumstances, we shall turn this crisis into an opportunity to resolve not just the short-term, urgent problems, but the long-term structural problems that have bedeviled our economy," he said.
In May, President Akufo-Addo said the U.S.$3 billion would not immediately resolve Ghana's economic issues. However, the loan reduced currency fluctuations and increased trust, which helped stabilise the economy. Inflation has since reduced from its peak of 54% in January, even if it is currently at about 40%.
The national debt to gross domestic product ratio for Ghana is 98.7% for the year 2023. This percentage is higher than both the figure of 79.6% that was recorded in 2021 and 88.7% that was observed in 2022.