Ghana has enjoyed two decades of steady growth, but the impact of the Covid-19 pandemic and the Ukraine-Russia crisis could dent economic prospects. With one of the largest economies in West Africa, the gold, cocoa, and oil producer has until now refused to seek IMF support to rescue an economy that is facing the headwinds of the pandemic, rising inflation and a depreciating currency. On July 1, it was announced that Ghana’s cabinet had approved the start of formal talks with the International Monetary Fund, IMF, on a support package. The decision comes after a phone conversation between President Nana Akufo-Addo and IMF Managing Director Kristalina Georgieva. The new decade, whose beginning was marked by the Covid-19 pandemic and the Ukraine-Russia crisis, is testing Ghana’s resilience and the inclusivity with which the country pursues economic and social development. Business Edge for the first Monday in the second half of the year examines Ghana as it seeks IMF assistance. Dr Josh Bamfo, Partner and Head Transfer Pricing and Economic Advisory Services Andersen, Nigeria speaks to Tolulope Adeleru-Balogun.
The program also takes a look at the revised economic outlook for South Africa as reported by PwC. . With many of South Africa’s key trading partners facing challenges of their own, the ripple effects are being felt in South Africa. Beyond that, the country must deal with already high unemployment, tightening domestic monetary policy, an increase in electricity load-shedding, increases in fuel prices and more. Forecasts for the economy are looking more pessimistic as we head into the second half of the year and look beyond 2023. In this second half of the show, Business Edge is joined by Dr Christie Viljoen, Senior Economist, PwC, South Africa.
Watch the full episode of Business Edge, including African Business Headlines, International Business News and NC 4 to above.
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