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Heresy Financial
Dec 24, 2022
It’s no secret that the country, Ghana, has some major economic issues. Right now, they are defaulting on most of their external debt. And just within the last couple of weeks, they announced another solution to deal with their economic problems, one of which was using gold to buy oil in order to circumvent getting dollars, which is contributing to some of their inflation.
On Monday, its finance ministry said that it will stop servicing debts, including its Eurobonds, commercial loans and most bilateral loans. Now, Ghana has gotten itself into some deep trouble with its debt over the past few years, with their current split sitting at about $13 billion in Eurobonds, $8 billion in multilateral bonds, and then an assortment of other debts, including about 1.7 billion owed to China.
Now, this dollar amount by itself may seem huge or may seem insignificant. We really must put this into perspective in terms of how big is this amount of debt, in terms of how much it cost the government compared to how much the government makes from its tax revenue?
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