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Reuters

Business

By Christian Akorlie and Cooper Inveen

Ghana at high risk of debt distress, finance minister says

Ghana Ken OforiAtta Christian Akorlie

FILE PHOTO: Police personnel guide protesters as they march in the streets to demonstrate against worsening economic crisis and to call on the president to step down, in Accra, Ghana November 5, 2022. REUTERS/Francis Kokoroko/File Photo

Ghana will freeze the hiring of public and civil servants and extend a moratorium on government car purchases and non-essential travel in order to tackle a spiralling debt crisis, finance minister Ken Ofori-Atta said on Thursday.

Presenting the West African nation's 2023 budget in parliament, Ofori-Atta said Ghana was at high risk of debt distress and has agreed on a debt management strategy with the International Monetary Fund (IMF).

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