24
Jan
Ghana’s sovereign bonds were already trading distressed prior to Russia’s invasion of Ukraine, the Africa Development Bank’s 2023 Africa’s Macroeconomic Performance and Outlook has revealed. This it said was due to fiscal concerns and widening spread which has expanded further by more than 1,500 basis points since August 2022. The report said the debt vulnerabilities are likely to linger as countries such as Ghana continue to grapple with the economic shocks from the COVID-19 pandemic and Russia’s invasion of Ukraine. At the end of September 2022, 23 African countries were either in debt distress (8 countries) or at high risk of debt…