According to figures released on Saturday by the central bank, Ghana's balance of payments continued to deteriorate, going from a $3.4 billion deficit in the previous quarter to a deficit of $3.64 billion in December.
Consumer inflation in the country of West Africa increased to 54.1% last month as a result of the country's ongoing economic turmoil. The value of the cedi has declined by almost 50% yearly, and interest payments on the nation's debt now account for between 70% and 100% of GDP.
A dramatic reversal in capital flows has been a major contributor to Ghana's recent balance of payments problems, with its capital account deficit increasing to $2.18 billion in December from $1.64 billion in September.
Ghana had a capital account surplus of more than $3.3 billion at this time last year.
Late last year, Ghana received a $3 billion staff level rescue from the International Monetary Fund, but in order to get executive board approval, it must restructure its obligations.
The nation is currently in negotiations with local bond holders over the parameters of a domestic debt exchange program after requesting to have its bilateral debt restructured under the Common Framework initiative, which is sponsored by the Group of 20 major countries.
