Ghana's 2022 economic crisis, triggered by a combination of COVID fiscal expansion, commodity price shocks, and currency depreciation, led to a sovereign debt default and an IMF Extended Credit Facility arrangement. Domestic debt restructuring completed in early 2023, and external debt restructuring reached agreement with bilateral creditors in late 2023 and commercial creditors in 2024. The Ghanaian cedi stabilised in 2023 and 2024, inflation fell from over 50 percent at its peak to below 20 percent, and economic growth resumed at approximately 3.2 percent in 2023.
Export Economy Recovery
Ghana's export economy remained more resilient than domestic consumption through the crisis period. Gold exports exceeded $8 billion in 2023. Cocoa exports, despite the price volatility of 2024, generated approximately $4 billion. Oil from the Jubilee and TEN fields continued producing approximately 170,000 barrels per day. The government's post-crisis economic programme focuses on expanding domestic revenue collection and diversifying exports beyond commodities. Businesses entering Ghana's recovering market can access sector contacts on intra-africa.com.
For businesses looking to expand across Africa, intra-africa.com offers a comprehensive trade directory, verified buyer and seller listings, and real-time market intelligence covering all 54 African nations. It remains an indispensable resource for anyone serious about intra-African commerce.