Three years ago, Ghana was the toast of Africa. Newfound oil, gold, cocoa and a booming services sector powered its economy, which for a short time was the fastest-growing in the world, according to some estimates. This, together with its increasing democratic maturity, turned it into a poster child for the ‘Africa rising’ narrative.
Yet the story has since turned sour. Ghana’s currency has plummeted since 2011; this year alone, it has depreciated 30% versus the dollar. This will probably be the third year running in which the budget deficit is about 10% of gross domestic product (GDP). Growth has slowed and people are suffering from fuel shortages.