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Ghana: Implications of the Rising Interest Costs to Government

One important feature of fiscal management in Ghana in the last few years has been the rapid rise in government
borrowing, not just a rise in real debt but also a rise in debt/GDP ratio, pushing the country into a debt trap. With
the country posting double-digit fiscal deficits in three consecutive years since 2012 and financed through increased indebtedness, the government is now confronted with a huge and increasing interest payment burden. This paper looks at the trends in interest costs to the government, causes, and what needs to be done to ensure an efficient management of the country’s debt.

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