The World Bank and the International Monetary Fund (IMF) have designated Ghana as one of Africa’s most highly indebted countries.
Tanzania, Ethiopia, Benin, Burkina Faso, Burundi, Cameroon, Central African Republic, Chad, Comoros Islands, Democratic Republic of Congo, and Republic of Congo are among the extremely indebted poor countries that made it to the list with Ghana.
Ivory Coast, Eritrea, Gambia, Guinea-Bissau, Liberia, Madagascar, Malawi, Mali, Mauritania, Mozambique, Niger, Rwanda, Sao Tome and Principe, Senegal, Sierra Leone, Somalia, Sudan, Tanzania, Uganda, and Zambia were also given a slot on the list.
This debt relief project entails global financial institutions (such as the IMF and the World Bank) collaborating with governments around the world to reduce impoverished countries’ external obligations to manageable levels.
Meanwhile, external debt in Ghana averaged 12270.04 USD Million from 2007 until 2021, reaching an all time high of 28072.15 USD Million in the second quarter of 2021 and a record low of 2310.06 USD Million in the first quarter of 2007.