December 9, 2022

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Ghana at high risk of debt distress, finance minister says

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ACCRA — Ghana will freeze the hiring of public and civil servants and extend a moratorium on government car purchases and non-essential travel in order to tackle a spiraling debt crisis, finance minister Ken Ofori-Atta said on Thursday.

Presenting the West African nation’s 2023 budget in parliament, Ofori-Atta said Ghana was at high risk of debt distress and has agreed on a debt management strategy with the International Monetary Fund (IMF).

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Ofori-Atta did not offer any cuts to spending on flagship programs, however, and detailed a range of wider infrastructure and social investment.

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The minister is negotiating a relief package with the IMF as the cocoa, gold, and oil-producing nation faces its worst economic crisis in a generation.

Investment bank Morgan Stanley said on Thursday that it expected Ghana to restructure both its domestic and external debt.

“The current debt sustainability analysis conducted…

Reuters

2022-11-24 09:40:02

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