{"id":266975,"date":"2024-12-17T16:00:38","date_gmt":"2024-12-17T16:00:38","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/12\/17\/ghana-spent-nearly-half-of-revenue-on-debt-servicing-in-5-years\/"},"modified":"2024-12-17T16:00:38","modified_gmt":"2024-12-17T16:00:38","slug":"ghana-spent-nearly-half-of-revenue-on-debt-servicing-in-5-years","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/12\/17\/ghana-spent-nearly-half-of-revenue-on-debt-servicing-in-5-years\/","title":{"rendered":"Ghana spent nearly half of revenue on debt servicing in 5 years"},"content":{"rendered":"<br><div id=\"article-text\">\n                       \n                        \n<p class=\"wp-block-paragraph\">Ghana spent 42% of its revenue to servicing debt between 2017 and 2022, according to the 2024 United Nations report on <em>Unpacking Africa\u2019s Debt<\/em>. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This marks a significant increase compared to the 2010\u20132016 period, during which 27% of Ghana\u2019s revenue was used to service debt.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The 15-percentage-point rise in debt servicing from the 2010 \u2013 2016 to the 2017 \u2013 2022 period underscored the increased fiscal pressures the country faced.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.myjoyonline.com\/wp-content\/uploads\/2024\/12\/image-518-1024x578.png\" alt=\"\" class=\"wp-image-10032659643\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Data from the Ministry of Finance reveals a sharp escalation in interest payments over the years. While GH\u00a236 billion was spent on debt servicing between 2010 and 2016, the amount soared to GH\u00a2152 billion during the 2017\u20132022 period.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In total, Ghana\u2019s debt servicing between 2010 and 2022 amounted to GH\u00a2189 billion, with a staggering 81% of that paid in the latter five years.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Also, within 2010 and 2022, the nation\u2019s lowest interest payment was recorded in 2010 which is GH\u00a21.44 billion and recorded its highest interest payment in 2022 which is GH\u00a245.69 billion as per the data from the Ministry of Finance.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.myjoyonline.com\/wp-content\/uploads\/2024\/12\/image-519-1024x577.png\" alt=\"\" class=\"wp-image-10032659644\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">The 2024 United Nations report on <em>Unpacking Africa\u2019s Debt<\/em> also identified that the steep increase in debt servicing constrained government spending on public services and eventually led to Ghana\u2019s being classified as one of the world\u2019s 10 most debt-distressed nations.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.myjoyonline.com\/wp-content\/uploads\/2024\/12\/image-520-1024x569.png\" alt=\"\" class=\"wp-image-10032659646\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">The IMF revealed that, in 2020, Ghana\u2019s debt to revenue ratio reached an all-time high of 127%, the highest in Sub-Saharan Africa at the time.\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Despite the debt to revenue ratio dropping to 117% in 2022, Ghana had to default on its external debts in 2022 with the subsequent restructuring of domestic and foreign debt.<\/p>\n\n\n\n\n\n                <p><strong>DISCLAIMER: <\/strong>The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.<\/p>      \n               \n <!-- Post Tags -->\n                \n\n                        \n\n    \n                                 \n                                             \n                    <\/div>\n","protected":false},"excerpt":{"rendered":"<p>Ghana spent 42% of its revenue to servicing debt between 2017 and 2022, according to the 2024 United Nations report on Unpacking Africa\u2019s Debt. This marks a significant increase compared to the 2010\u20132016 period, during which 27% of Ghana\u2019s revenue was used to service debt. The 15-percentage-point rise in debt servicing from the 2010 \u2013 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":266976,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-266975","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Ghana spent nearly half of revenue on debt servicing in 5 years - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/12\/17\/ghana-spent-nearly-half-of-revenue-on-debt-servicing-in-5-years\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ghana spent nearly half of revenue on debt servicing in 5 years - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"Ghana spent 42% of its revenue to servicing debt between 2017 and 2022, according to the 2024 United Nations report on Unpacking Africa\u2019s Debt. This marks a significant increase compared to the 2010\u20132016 period, during which 27% of Ghana\u2019s revenue was used to service debt. 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