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World Bank classifies Ghana as high debt distressed country; debt to GDP to hit 104%

World Bank classifies Ghana as high debt distressed country; debt to GDP to hit 104%

Africa News, Ghana News, International
The World Bank has classified Ghana as a high debt distress country as it projects the nation’s debt to Gross Domestic Product (GDP) of 104.6% by the end of 2022. According to its October 2022 Africa Pulse Report, debt is expected to jump significantly, from 76.6% a year earlier, amid a widened government deficit, massive weakening of the cedi, and rising debt service costs. It is also forecasting debt to GDP of 99.7% and 101.8% of GDP in 2023 and 2024, respectively. The size of Ghana’s economy is estimated at about $72 billion, whilst it is expected to spend about 70% of revenue this year to service its debt. The report is coming at a time the Bank and the International Monetary Fund (IMF) are conducting a Debt Sustainability Analysis on the country. A country which is highly de...

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