Africa
High RiskLatest data: 2024 | Updated 2/2/2026
59.1%
21534737.5%
5.6%
$82.3B
Inflation: 22.9%
Debt Service Crisis
Ghana spends 21534737.5% of government revenue on debt payments, leaving less than half for public services, infrastructure, and development. This level is widely regarded as unsustainable.
High Inflation
Ghana's inflation rate of 22.9% is severely eroding purchasing power, disproportionately affecting the poorest households and undermining macroeconomic stability.
Import Cover Critical
Ghana's foreign exchange reserves cover only 1.4 months of imports, well below the 3-month minimum threshold. This leaves the economy highly vulnerable to external payment shocks and currency crises.
Elevated Debt Level
Ghana's debt-to-GDP of 59.1% is above the IMF's 55% prudential threshold, signalling limited fiscal buffers and increased vulnerability to external shocks.
External debt by creditor type
No composition data available
No historical data available
Ghana was the cautionary tale of 2022 — a middle-income African country with market access that lost it spectacularly. The crisis offers lessons for all frontier market observers.
Ghana's crisis was years in the making: fiscal deficits above 10% of GDP, debt service consuming 70%+ of revenue, and a currency in freefall. The government attempted a domestic debt exchange (DDR) in 2023, imposing significant losses on local banks and pension funds. External restructuring is ongoing.
Ghana is in the emergency room but stabilizing. The domestic debt restructuring was painful but necessary. We expect Ghana to regain market access by 2026-2027 if the IMF program stays on track. Current yields on restructured instruments may offer value for risk-tolerant investors.