[10] The Ghanaian economy was severely challenged in the first half of 2009 with rising inflation, a depreciating currency, loss of international reserves and weakening business and consumer confidence. The rate of inflation increased steadily and peaked at 20.7 percent in June, the highest on record in over four years.
There were excessive upward surges in the exchange rate with the local currency depreciating by 17.5 percent against the US dollar between January and June. Gross international reserve position fell to about 1.9 months of imports cover by June 2009. Clearly, these signaled an economy in stress, underlying the urgency to implement prudent policies to restore economic stability.