Ghana Spent 45% Of Revenue On Interest Payments In 2022 – IMF

Finance Minister Ken Ofori Atta Ghana spent about 45% of its revenue excluding grants to pay interest payments in 2022, the International Monetary Fund April 2023 Regional Outlook Report has revealed. This placed the country at the number one position in Sub-Saharan Africa. The high interest payments was due to the elevated public debt of the country estimated at 575 billion or $44 billion as of November 2023. Though the government suspended interest payments on some selected external debts, the interest costs of domestic debt was very high. Now, the interest payments to be paid this year will depend on…