With some recent auctions suggesting foreigners' unwillingness to rollover existing debt, this could see a further outflow of funds adding to pressure on the cedi.
With such outflow of funds it will result in a credit crunch and coupled with the high interest rate it will eventually bring down the real estate and banking sector.
Net monthly foreign direct investment, which had gradually declined after peaking in 2007, turned largely negative in 2016 as an outflow of funds weakened the currency.