Ghana finance minister says cedi's depreciation affecting ability to manage debt

Ghana's finance minister Ken Ofori-Atta said on Thursday that the depreciation of the cedi is "seriously affecting" the West African country's ability to manage its debt. The currency has lost more than 50% of its value this year, he told parliamentarians during a presentation of the 2023 budget.

Ghana's finance minister Ken Ofori-Atta said on Thursday that the depreciation of the cedi is "seriously affecting" the West African country's ability to manage its debt.

The currency has lost more than 50% of its value this year, he told parliamentarians during a presentation of the 2023 budget. "Our stock of debt has increased by 93 billion Ghana cedis ($7 billion) this year alone due to the depreciation of the cedi since the beginning of 2022," Ofori-Atta said.

The minister is in the midst of negotiating a relief package with the International Monetary Fund (IMF) as Ghana faces what has become its worst economic crisis in a generation. ($1 = 14.0000 Ghanian cedi)