Bloomberg report show Ghana as the second country globally with the highest debt default risk in 2022.
Leading the list is El Salvador.
According to Bloomberg, Ghana’s debt to Gross Domestic Product (GDP) by the end of the year is estimated to be at 84. 6 %.
That number shows Ghana’s debt will be over GHC 400 billion by the end of this year, 2022.
Bank of Ghana reported that in the first quarter of 2021, Ghana’s public debt was GHC 391 billion, which is equivalent to (US$50.3 billion).
Bloomberg also showed that like Brazil, Ghana’s interest expense to GDP is likely to hit 7.2 % in 2022, and this will be highest among many countries.
In simple language, it means Ghana will spend more money to service their debts in 2022, hence more economic challenges to Ghanaians.
Other countries following Ghana include; Pakistan (4th), Egypt (5th), Kenya (6th), Argentina (7th), Ukraine (8th), Bahrain (9th), Namibia (10th), and many others.
