The writer Ghana’s macroeconomic story in 2025 was, by many measures, a success. Inflation collapsed from 23.8% to 3.8%, the cedi appreciated 40.7% against the dollar, and the economy grew 6.0%, its strongest performance in six years. Yet beneath these headline achievements, the Bank of Ghana’s May 2026 Summary of Economic and Financial Data quietly tell a more uncomfortable story: the government is spending faster than it is collecting revenu…
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