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Ghana halts payments on large swaths of foreign debt


Ghana halts payments on large swaths of foreign debt

Accra, Dec 19 (Prensa Latina) Besieged by a 50% inflation and declined monetary reserves, Ghana has stopped making payments on its external debts to bondholders, other commercial lenders and foreign governments, making it the latest deeply-indebted developing county to fail to make good on its foreign obligations.

The move gives Ghana a time-out of the recent agreement reached with the International Monetary Fund (IMF) and ‘to prevent further deterioration of the country’s economic, social and financial situation, said Ghana’s Finance Minister Ken Ofori-Atta.

With historic inflation of more than 50%, the collapse of the local currency by 50%, prices at the pump that have doubled and a debt whose repayment swallows half of the state revenue, Ghana is grappling with a serious economic crisis. It’s the worst in decades.

“Our financial resources, including the international reserves of the Bank of Ghana, are limited and must be preserved at this critical juncture,” the Finance Minister said in explaining the decision.


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