Back to today’s briefing

Story perspectives

Ghana's Debt Soars: GH¢59.8 Billion in 7 Weeks

3/2/2025

44 6

Summary

Story summary

Ghana's government borrowed GH¢59.8 billion in seven weeks, primarily for servicing matured treasury bills.
Fresh borrowing amounts to GH¢15.7 billion, largely rolling over existing debt.
An additional GH¢5 billion to GH¢9 billion may be required for upcoming expenses.
Opposition alleges total borrowing surpasses GH¢50 billion within the first 50 days.

History

Historical Context

Ghana's current borrowing crisis echoes its post-independence struggles. After gaining independence in 1957, President Nkrumah's ambitious industrialization plans faltered due to a cocoa price collapse. This initiated a cycle of debt dependence, a pattern that persists today as the government seeks to manage escalating financial obligations.

1 of 2

Story summary

Ghana's government borrowed GH¢59.8 billion in seven weeks, primarily for servicing matured treasury bills.
Fresh borrowing amounts to GH¢15.7 billion, largely rolling over existing debt.
An additional GH¢5 billion to GH¢9 billion may be required for upcoming expenses.
Opposition alleges total borrowing surpasses GH¢50 billion within the first 50 days.

1 / 2