Ghana has been classified among 10 countries globally by the CFR Sovereign Risk Tracker that is at risk of debt distress.
The country scored a mark of 10, meaning it has a 50% or higher chance of defaulting in the next five years.
This is coming after the nation’s debt reached an alarming level of ¢391 billion as of quarter one, 2022, approximately 78% of Gross Domestic Product (GDP).
The nine other countries alongside Ghana captured by the CFR Sovereign Risk Tracker are Argentina, Lebanon, Pakistan, Russia, Sri Lanka, Tunisia, Ukraine, Venezuela, and Egypt.
Country Director for the World Bank, Pierre Laporte said
” It’s a really serious situation and at the world bank, we’ve not hidden the fact. We discussed with the Minister and with all the people in finance and the Head of State”
“The situation is very difficult right now; Ghana faces a very tough road ahead to restore macro sustainability” he added