The african country faces difficulties in refinancing its dollar denominated debt. It's a consequence of the harsh tightening cycle of the Fed that is trying to regain confidence in the USD after flooding the markets during the forced lockdowns.
Turmoil in Nigeria, Libyen and now Ghana - the Fiat Ponzi now shows its ugly face.
Source: https://www.bnnbloomberg.ca/ghana-on-cusp-of-default-as-grace-period-winds-down-1.1885463
Imagine what fate lies for the countries without such valuable natural resources.
therein lies the tragedy, the gold-producing nations are so economically enslaved that they do not even benefit from having the highest reserves of world's outgoing monetary standard.
other countries will follow soon
Yes indeed. If we watch a
Libanon, Nigeria or Lybia and the hyperinflating countries like Argentina or Turkey we should prepare ourselves and friends and family for a wild ride.
That’s the thesis behind why the Fed can’t continue to raise rates and have to live with a 4% CPI for the next few years.
Higher for longer, means lots of political upheavals and social instability that will eventually hit the US itself. Wall Street is right, rates won’t go more than another 0.5 and will come down before the year end.
I think it already hit Main Street. But the Fed is fighting the WEF-commies and their money printer ECB. They also need to sterilize the backfloating dollars from the failing petrodollar system before they lead to hyperinflation. They go way higher than 6% imo. Let's see
there is no way out for the dollar
I won't be surprised if Ghana experimentation with CBDC was due to IMF loans conditions.
That's their agenda. They not even hide it anymore
You borrow from the world bank, you default you secure your debt against your natural resources that you now give away at a discount and not at market rates, its an African tale as old as time