Ghana's economy grew by 3.8% in fourth quarter

Ghana's economy grew 3.8% year-on-year in the fourth quarter of 2023, the country's statistics agency said on Wednesday, compared to the 2.0% growth rate previously announced for the third quarter.

The West African country is starting to recover from its worst economic crisis in a generation, brought on by spiralling public debt.

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

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

Last year Ghana successfully carried out a restructuring of its domestic debt.

The country's economic outlook will be a major part of campaigning for the presidential election in December when President Nana Akufo-Addo's New Patriotic Party will seek an unprecedented third term in office.

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