The old arguments for debt cancellation in Africa no longer apply
Two decades ago, the world was in the grip of a great debate over debt and debt cancellation in Africa. Total public debt stock had climbed to nearly $300bn by 2002 from $40bn in the two decades prior. Jubilee Debt Campaigners insisted on immediate cancellation. The Pope concurred Today, Africa’s external debt alone exceeds $700bn. […]
Will a global circular economy help or hurt Africa?
In Davos, many of the assembling elites had circular economy on their mind and lips, and the program was replete with its implications. “Circular economy” is a concept described by its supporters as the biggest economic opportunity since the industrial revolution. They peg its scale at $1 trillion by 2025 and $4.5 trillion by 2030. As both an […]
Is this the Beginning of the End of Ghana’s Fiscal Crisis?
A flurry of announcements this week was meant to signal that momentum was building towards a successful close of Ghana’s unorthodox domestic debt restructuring program (DDE). Banks, insurance firms and most capital market players have consented to revised terms for the orderly resolution of the country’s unsustainable domestic debt. At a plush conference in the Ghanaian hinterlands, at a resort featuring […]
Ghana’s “Divide & Conquer” Debt Strategy Hits Roadblock
Friday, 13th January 2023. Jubilee House, Ghana’s presidential palace. In attendance: the movers and shakers of public and commercial finance in the country. Arrayed on one side was the government, led by the Vice President, in his capacity as “Head of the Economic Management Team” (EMT). On the other side was a motley crew of […]
7 Flaws in Ghana’s Debt Restructuring and how to fix them – Bright Simons writes
Many might recall how in the year 2000 Ghana found itself, for the sixth time in its history, unable to continue servicing its accumulated debts, accepted the tag of a “Highly Indebted Poor Country” (HIPC), and underwent a series of reforms that ended in 2003. As a result of the HIPC program, Ghana, between 2003 […]
Ghana’s Debt Saga. What Next?
December 2022 is the most momentous month in Ghana’s recent economic history. After struggling to manage its debt, Ghana’s government had to resort to measures never witnessed in the last 50 years- officially default in paying its debts, setting in motion multiple and confounding debt restructuring scenarios. It is time to take stock, salvage the […]
Event: The Debt Armageddon – Lessons from Sri Lanka and Ghana
The Debt Armageddon: Lessons from Sri Lanka and Ghana Around the world, fears are rising of a string of sovereign debt defaults creating a domino effect. As the cost of servicing debt rises, and governments in developing countries struggle to pay up, alarm is rising fast of debt crises mutating into broader economic crises and […]
Ghana Begins its Dance with Creditors
There are a number of public sector institutions whose operations and service delivery can generate revenue to offset the costs involved. In Ghana, the jargon used is: “internally generated funds” (IGF). For many years analysts have lamented the very poor IGF record of some of these institutions and much lip service has been paid by […]
Ghana’s Public Institutions Leak Money Like a Sieve
There are a number of public sector institutions whose operations and service delivery can generate revenue to offset the costs involved. In Ghana, the jargon used is: “internally generated funds” (IGF). For many years analysts have lamented the very poor IGF record of some of these institutions and much lip service has been paid by […]
IMANI’s preliminary findings from an analysis of potential sovereign debt restructuring in Ghana
Skip to content Download Briefing Note [This short briefing note summarises IMANI’s preliminary findings from an analysis of potential sovereign debt restructuring in Ghana.] The government of Ghana is confronted with a series of Hobson’s choices regarding its current debt stock. Should it restructure the debt or persist in the hope that the signaling effect and […]
