How Ghana came out of its macroeconomic crisis: debt restructuring, gold exports and rebuilt reserves

Background

The World Bank records that Ghana emerged from a severe macroeconomic crisis marked by loss of market access, unsustainable debt levels and inflation peaking at 54 per cent in 2022. The crisis necessitated a comprehensive debt restructuring and a coordinated financing package from International Financial Institutions. Strong gold exports supported a current account surplus in recent years. Those exports helped rebuild reserve buffers to cover five months of imports. The World Bank calls the recovery significant. It frames the remaining challenge as converting macroeconomic gains into structural transformation and broad-based job creation.