Ghana Central Bank Says Options Waning as Debt Hits Four-Year High

Ghana is running out of fiscal space as its debt-to-GDP ratio reached 71% by Sept. 30, the highest in nearly four years, following early attempts to cushion the population from the impact of the coronavirus pandemic, its central bank said Monday.

The ratio grew to its highest since Nov. 2016, as the state subsidized electricity and power bills, while also providing loans to small businesses, Governor Ernest Addison told journalists after a policy rate announcement in Accra, the capital.