Ghana economy on the brink of collapse as crisis deepens

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Al Jazeera English

Joined: Mar 2024
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Ghana economy on the brink of collapse as crisis deepens


Ghana is going through its worst economic crisis in years.
Last year, the government spent up to 40 percent of its revenues on debt payments.
The International Monetary Fund has agreed to a provisional $3bn bailout, but many are concerned it would lead to more hardship.
Al Jazeera’s Ahmed Idris reports.

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33 Comments

  1. Bribery and corruption can have a significant detrimental impact on the future of Ghana. Here are some potential effects:

    1. Economic Implications: Corruption diverts resources away from productive sectors of the economy, leading to economic inefficiency and slower economic growth. It reduces foreign direct investment, as businesses may be hesitant to invest in a country where corruption is prevalent. This, in turn, can hinder job creation and lead to stagnation in various sectors, affecting the overall prosperity of the country.

    2. Social Inequality: Corruption often leads to unequal distribution of resources and opportunities. It undermines social justice by enabling a small group of individuals to amass wealth and power, while the majority struggle to access basic services such as education, healthcare, and infrastructure. This can deepen social divisions, erode trust in institutions, and contribute to social unrest.

    3. Weakening Governance and Institutions: Corruption erodes the credibility and effectiveness of public institutions, including law enforcement, judiciary, and regulatory bodies. When corruption becomes systemic, it undermines the rule of law and weakens governance structures. This can create a cycle of impunity and discourage investments in sectors that rely on accountable institutions, such as the justice system, which is necessary for maintaining a stable and functioning society.

    4. Loss of Human Capital: Corruption can lead to a brain drain, as talented individuals may seek opportunities elsewhere due to limited prospects or the perception that meritocracy is undermined. This can hamper economic development and limit the potential for innovation, growth, and sustainable development in the long term.

    5. Undermining Public Trust: Corruption erodes public trust in government institutions and the leadership, which can have far-reaching consequences for social cohesion, political stability, and democratic processes. When citizens perceive that their leaders are corrupt, they may feel disengaged from the political system, leading to disillusionment and potentially creating openings for extremist ideologies or political movements.

    To combat bribery and corruption, it is crucial for Ghana to have strong anti-corruption measures, enforce laws and regulations, improve transparency, promote accountability, and strengthen institutions. Additionally, fostering a culture of integrity and ethics and promoting citizen engagement and awareness can help address corruption at its roots.

  2. Until Ghanaian citizens handle the government with more pressure they will continue to scam the people. This is a country that is literally filthy rich off the land. So much that foreigners are coming to make deals with politicians to take materials. These materials will better the foreign nations like USA, CHINA AND EUROPE. Just look at all the things other nations have accomplished. Ppl of Ghana dream of leaving their own land to live in these country b/c GHANA HAS NO OPPORTUNITIES FOR ITS PEOPLE. The politicians send their children to foreign school and travel to better their own education. Do you see people in Europe, China and USA. Hoping to get the opportunity get an education from schools in Ghana in that same way or even close to…ABSOLUTELY NOT because Ghana has nothing to offer beside DUTTY DECEMBER.
    I won’t even compare the whole USA so imagine in NY the politicians convince the ppl to invest as they did to those in Ghana. Then later tell them they can’t have access to their money. The people would turn the state upside down. The politicians will run out of their city and hid behind the army.

  3. This what happens when a president appoint his cousin as finance minister. Anytime this finance minister borrow money, his personal finance firm earns money. So he went on a borrowing spree till the economy is downgraded and no one is willing to lend Ghana money.
    Now he has gone to IMF to gain credibility so he continue the borrowing

  4. Sometime one thinks his/her problem is worst until they hear that of others. The U.S is no different but one doesn't see that on everyday TV. Hunger, poverty, and homelessness is everywhere.

  5. so these are what it takes to collapse Ghana's economy? come on now, I hate politicians and the way and direction Ghana has been governed for the last 30 years or more but I know it will take more than the points you gave to collapse Ghana's economy.

  6. Why do you think why they are best friends huh you'll see watch the News y'all better come up with a plan quickly because it's a lot of country that want in on Africa China created the virus to bring chaos it's a virus war They talk about destroying all the Africans like roaches 🪳 they call y'all roaches china wants you gone gone gone

  7. They knew that the virus would cause this so they pulled out and they are creating another virus because this wasn't strong enough to kill y'all so China plans to take over Africa by virus Putin is right there to help They think he's helping but actually he wants y'all dead Dead Dead They talk Yes They talk

  8. Your problem is because of China that started this whole thing They created the virus now they wait to see the killings they want Africa because of it's history of the black slave trade They created a crisis by the virus it's a dominal effect they know sit to watch you kill each other because they are moving in Singapore and other countries want Africa they can't do it until you kill each other because of poverty like they did hati see china wants Africa along with other countries They want the killing effect you kill each other dead watch

  9. Why when you do a report on Africa you show the worst part of the country. What you just described is occurring in many countries. Al Jazeera is like any other western news outlet it only shows the negative on developing countries.