Ghana’s economy grew by 3.8% year on year in the fourth quarter of 2023 compared to its 2.0% growth rate in the third quarter.

According to Reuters, Ghana’s statistics agency announced the above information on Wednesday.

The West African country is beginning to show signs of improvement from its worst economic crisis in a generation caused by a surging public debt.

After defaulting on most of its overseas debt in 2022, Ghana on January reached a deal to restructure $5.4bn of loans with its official creditors.

It is now pushing for a deal with holders of about $13bn in international bonds.

Earlier in the year, The President of the country aired his opinion on the external debt crisis the Ghanaian economy is currently facing.

• “We are committed to concluding the external debt restructuring process as soon as possible, so we move past the crisis,” Akufo-Addo said in a State of the Nation address in parliament.

Ghana’s economy has started to recover since the government last year secured a $3 billion loan programme with the IMF.

The country remains the largest gold producer in Africa with gold output expected to reach 4.5 million ounces per year.

What you need to know

• The recent economic growth is the fastest Ghana’s economy has grown in more than a year.
• Ghana is currently struggling with heavy external debt and is currently aiming to finish restructuring its external debt so it can emerge from the worst economic crisis in a generation.