The 2023 African Games in Accra, postponed until next year due to Ghana's economic problems, is still worth hosting, the event's chairman Kwaku Ofosu Asare believes ©Getty Images

Hosting the African Games in Accra provides Ghana with a unique opportunity to construct sports facilities, its chairman Kwaku Ofosu Asare has claimed as the event faces criticism with the country facing its worst economic crisis for a generation.

Currency depreciation and growing debt coupled with high interest rates has led to crippling inflation in gold, oil and cocoa-producing Ghana.

Inflation reached a more than two-decade high of 54.1 per cent in December, but has since slowed, falling to 45 per cent year-on-year in March.

The Government has been unable to redress the situation and service its debt, despite spending cuts and several central bank interest rate hikes.

It turned last year to the International Monetary Fund (IMF), which agreed to provide a $3 billion (£2.4 billion/€2.7 billion) loan conditional on debt restructuring.

African Games 2023 chairman Kwaku Ofosu Asare has claimed the facilities being built in Ghana for the event will provide a lasting legacy for the country ©Ghana 2023
African Games 2023 chairman Kwaku Ofosu Asare has claimed the facilities being built in Ghana for the event will provide a lasting legacy for the country ©Ghana 2023

"People question us on why we have the Africa Games in this crunching period," Ofosu Asare, head of the 2023 African Games’ Local Organising Committee, said.

"We are asked on why the money is not used for other things, opportunity cost.

"But the problem is that if we don’t do it now, these facilities will never be created for us.

"They will never be built for us."

The Games, which were initially scheduled for this year, had to be postponed due to the economic pressures, delays in preparations, and disputes among key stakeholders.

They are now set to take place in March 2024.

Inflation is Ghana has been running at more than 50 per cent as the country has faced one of its worst economic crisis ©Getty Images
Inflation is Ghana has been running at more than 50 per cent as the country has faced one of its worst economic crisis ©Getty Images

There has been some encouraging news for Ghana’s economy after it was announced that it had grown 3.1 per cent year-on-year in 2022.

That compared with a growth rate of 5.1 per cent the previous year, the country's statistics agency said.

The West African country's gross domestic product grew 3.7 per cent year-on-year in the fourth quarter, compared with 2.9 per cent in the previous quarter - its worst performance since the start of 2021.