Ghana faces $8.7bn debt burden by 2028
GHANA is facing a daunting external debt service burden of $8.7bn over the next four years, according to Finance Minister Cassiel Ato Forson. Speaking during his first budget presentation to parliament on Tuesday, Forson warned of significant repayment pressures that will strain the country’s finances, with peak payments scheduled for 2027 and 2028.
Forson detailed the repayment timeline, revealing that Ghana will need to pay $2.5bn in 2027 and another $2.4bn in 2028. The total debt obligations amount to 10.9 percent of the country’s Gross Domestic Product (GDP).
‘The next four years will see Ghana called upon to pay $8.7bn, with heavy concentration in the years 2027 and 2028,’ Forson told lawmakers.
Despite these looming obligations, the Finance Minister pointed out that no financial safety nets have been established to cushion the nation from the impact of this debt load.
‘In spite of all these upcoming domestic and external debt service obligations, no buffers were built to cushion this unprecedented debt service burden.
Source: AFRICBRIEFING
