Ghana’s balance of payments fell further to a deficit of $3.64 billion in December from a deficit of $3.4 billion in the previous quarter, central bank data showed on Saturday.
The West African country is facing an economic crisis that saw consumer prices rise by 54.1% last month. The cedi has declined by about 50% annually and interest on public debt has risen between 70% and 100% of GDP.
The recent payment crisis is due to a large shift in capital, with Ghana’s capital account deficit widening to $2.18 billion in December from $1.64 billion in September.
This time last year, Ghana had a current account balance of over $3.3 billion.
Ghana received a $3 billion bailout from the International Monetary Fund late last year, but will have to restructure its debt to receive institutional support.
The country has requested to restructure its bilateral debt under the Common Framework platform supported by the Group of 20 major economies, and is currently negotiating terms for a domestic debt exchange programme with local bond holders.
