Eurobond borrowings over 2007-2021 used for budget financing; Ghana borrowed US$15.59bn – Opoku-Afari

In an article titled “How not to Miss a Crisis: Lessons from Ghana”, Dr. Opoku-Afari who is a Non-Resident Fellow of Finance for Development Lab said Ghana’s public debt had surged from about 63% of Gross Domestic Product (GDP) in 2019 to about 93% by the end of 2022 at the time of the IMF-supported programme approval in 2023, adding, the headwinds of fiscal and balance of payments made it difficult for the government to service its debt and forced technical default.