On May 17, 2023, the International Monetary Fund (IMF) published a comprehensive report on Ghana’s prevailing economic challenges. The report goes beyond mere fiscal figures, explaining how the increasing unemployment rates, high-cost food prices, and poor healthcare services touch the lives of Ghanaians. To overcome these challenges, Ghana must restore macroeconomic stability and debt sustainability.
To achieve these, Ghana needs to focus on generating revenue internally, adopting the G20 Common framework, and eliminating bureaucracy for entrepreneurs starting businesses.
The IMF report shows that Ghana’s economic growth slowed down in 2022. The country’s Gross Domestic Product (GDP)-the total monetary value of all goods and services produced, dipped by 2.9 percent in 2022 from 6.4 percent in 2021. Despite two years of GDP decline, each social expenditure saw less than 4 percent of that GDP allocated to health and education….
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