“Already over $200 million (€186 million) have been committed into the project,” Dan Kwaku Yeboah, the spokesman for the African Games Organizing Committee recently told DW in Accra.
“Yes, the economic challenges are there, but [the] government is 100% committed to ensuring that Ghana delivers the Games.”
Still, there has been growing scepticism about the wisdom of Ghana hosting the multi-million dollar event.
The West African country is in the midst of an economic crisis that has been described as the worst in a generation. Inflation stood at around 40% in April and the cost of food shot up by almost 60%.
Not only has this led to hardship for much of Ghana’s population, but it has also brought considerable pressure to bear on the government in Accra, which recently found itself unable to keep up payments on international loans, further exacerbating the situation.
A lifeline from the IMF
It was against this backdrop, that in May, the International Monetary Fund (IMF) stepped in with a loan package of $3 billion over three years.
However, the IMF’s envoy to Ghana, Stephane Roudet stressed that to ensure it receives the funds, Ghana would need to fully implement a strict fiscal consolidation program aimed at getting government spending under control while at the same time increasing revenues.