Fiscal Alert 3: Public Debt and Sustainability: Whither Ghana?

Ghana’s public debt stock has risen substantially since it enjoyed HIPC/MDRI debt relief in 2005-2006. The highly expansionary scal position in 2006-2008, nanced by external borrowing, triggered a very rapid deterioration in the country’s debt sustainability.

This trend was amplied by the resulting balance of payments pressures and currency depreciation, which led to a revaluation of foreign currency-denominated claims relative to domestic GDP.

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