In a shocking revelation, Ghana has emerged as the third most indebted country globally, leaving its citizens saddled with a staggering debt legacy. The Akufo-Addo administration bequeathed a jaw-dropping Ghc1.1 trillion debt burden to the nation as they exited the political stage.
This mammoth debt figure represents a startling over 200% surge from the former debt level of US$29 billion that had been accumulated since the days of President Nkrumah up to Akufo-Addo’s tenure. The dire financial state now places Ghana following behind only Argentina with US$124 billion and Greece with US$89 billion in the global debt hierarchy.
Such a distressing position has positioned Ghana as the most indebted nation in Africa, with an extended repayment plan forecasted to linger until 2038. International Monetary Fund (IMF) representatives have already descended into the country to instate a structured payment blueprint aimed at ameliorating the economic quagmire.
Financial expert Dr. Richard Atuahene has lambasted the preceding administration for the current fiscal plight, attributing the crisis to reckless borrowing practices during Akufo-Addo’s eight-year reign. The government’s pact with the IMF for an enhanced credit facility has also ceded economic control to the international body until 2029.
The resounding repercussions of this fiscal turmoil reverberate across all sectors, with Ghanaian citizens feeling the pinch through the budget deficit, projected at Ghc42 billion for 2025. President Mahama’s emergency meetings with the Trades Union Congress speak volumes about the urgency to address salary increments amidst such fiscal constraints.
As Ghana grapples with this unprecedented financial hardship, the onus remains on policymakers to navigate through these turbulent waters and steer the country towards a path of economic stability and growth.