Anti-IMF Protests Hit Ghana's Capital Accra

Ghana is currently living through a tough economic crisis that has already led to a number of protests in June and August. In trying to curb the dissatisfaction of the population, the Ghanian authorities have approached the IMF for another loan.

Anti-government and anti-IMF protests hit Ghana's capital Accra on Saturday amid the ongoing economic crisis.

The protesters waved placards reading “Poverty is on the rise,” and "No more suffering, new Ghana now.”

They also reportedly chanted “Akufo-Addo [the president] must go” and “IMF no”, citing the African country’s government’s ongoing discussions on cooperating with the International Monetary Fund for loans.

Shortly before the protests, Ghanaian President Nana Akufo-Addo stated that the country is experiencing its worst-ever economic crisis.

This year, Ghana’s currency, the cedi, has fallen by more than 50%, becoming the world's worst-performing currency against the US dollar, with inflation in the country reaching a new high of 37.2%.

The country’s government said speculation and illegal forex traders are to blame for the devaluation and pledged to crack down on perpetrators, as well as to implement a range of anti-crisis measures.

Despite currently being in a tough situation, Ghana is known as a country rich with gold, oil, manganese and diamonds.

The economic crisis is unfolding amidst Ghana's 7-years long cooperation with IMF, which started in 2015, when the organization gave a $918 million loan to the African country.

On September 26 – October 7, 2022, Ghana’s authorities and IMF representatives met again to continue talking about future lending arrangements, following the country’s soaring inflation values in August – the highest in decades.

Unprecedented inflation and price hikes have made protests in Ghana commonplace in recent months.

On August 3, several thousand demonstrators were chanting “Fix the economy” on the capital’s streets, while on June 28-29, protesters demanded better living conditions and fuel price reductions.