external debts

Auditing and management firm, Deloitte Ghana is warning that the country’s rising external debt will lead to increased demand for foreign currency for debt repayment and further depreciation of the cedi. This may also lead to further strain on the government’s finances as it will need to raise more cedi revenue to repay the external debt. In its critique of the 2022 Mid-Year Budget Review, it said the downgrading of Ghana’s credit rating by Fitch and Moody’s has adversely affected the government with Ghana Eurobonds currently trading at distressed debt levels, which has led to increased and prohibitive Eurobond borrowing…