Ghana's Public Debt Hits GH₵610bn, Represents 72.5% Of GDP
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Ghana's domestic debt crisis of 2022/2023 has had significant implications for the country's economic growth and development. The crisis was characterized by debt overhang, crowding out, and the need for debt reduction .
The government's inability to generate sufficient revenue for debt servicing was a key factor that led to the crisis. This resulted in a slowdown in economic growth and created a macroeconomic crisis in Ghana in 2022. The fiscal deficit widened to 12.1% of GDP, and public debt rose to over 88.1% of GDP .
To address the crisis, Ghana implemented an aggressive debt restructuring program, which resulted in significant savings on domestic debt principal. This restructuring program aimed to reduce the burden of debt and create a more sustainable fiscal environment. The crisis...
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