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Ghana's Debt at Highest in Four Years as Revenue Undershoots

  • Government debt rose 16% from year ago to almost $40 billion
  • First-quarter revenue collection was almost 20% below target
Ernest Addison, governor of the Bank of Ghana, speaks during a news conference.

Ernest Addison, governor of the Bank of Ghana, speaks during a news conference.

Photographer: Ruth McDowell/Bloomberg
Updated on

Ghana’s government debt surged to the highest in at least four years as the West African nation tries to plug a budget gap that’s higher than projected.

Total debt was at $38.9 billion at the end of March, up 16% from a year earlier and the highest since at least March 2015, when the central bank started publishing these numbers in dollars. As a percentage of gross domestic product, debt rose to 58% in the month compared to 50% a year ago. More than half of that is external loans.