Latest figures by the Bank of Ghana as at May 2021 indicates that Ghana’s public debt stock reached GH¢332 billion after it initially went up by about GH¢27.8 billion between April 2021 and May 2021. “What the latest figures show is that Ghana’s debt-to-Gross Domestic Product ratio is close to 80%, about 78%. What we’re saying is that Ghana is at high risk of debt distress,” Laporte explained. For instance, Ghana depends on oil so if oil prices were to crash, this will put Ghana at a more uncomfortable position vis-à-vis payment of its debt.”. “If gold prices or commodities Ghana export go down, if for whatever reason domestic revenue, which are already very low, go so low because of a shock, then Ghana will have trouble fully servicing its debt,” Laporte added.
