Eurobond borrowings over 2007-2021 used for budget financing; Ghana borrowed US$15.59bn – Opoku-Afari

In an article titled “How not to Miss a Crisis: Lessons from Ghana”, Dr. Opoku-Afari who is a Non-Resident Fellow of Finance for Development Lab said Ghana’s public debt had surged from about 63% of Gross Domestic Product (GDP) in 2019 to about 93% by the end of 2022 at the time of the IMF-supported programme approval in 2023, adding, the headwinds of fiscal and balance of payments made it difficult for the government to service its debt and forced technical default.

By Charles Nixon