Ghana is placed second among nations with the biggest danger of debt default in 2022, according to a Bloomberg report.
The nation is closely behind El Salvador, which is ranked first in terms of sovereign debt vulnerability.
Bloomberg estimates that Ghana’s debt as a percentage of GDP will be 84.6 percent by the end of this year.
This suggests that before the end of 2022, the country’s debt will have surpassed ¢400 billion.
As of the first quarter of 2021, Ghana’s national debt has surpassed ¢391 billion (US$50.3 billion), the Bank of Ghana said. The debt stock increased by as much as ¢40.1 billion, primarily as a result of exchange rate fluctuations.
According to Bloomberg, Ghana’s interest expense as a percentage of GDP is expected to be the highest among the 25 countries in 2022, along with Brazil.
This implies that in 2022, the debt service costs for the two nations will increase.