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Ghana: Sovereign bonds were already junk before Russia-Ukraine war – AfDB says

3 years ago
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Ghana: Sovereign bonds were already junk before Russia/Ukraine warn – AfDB says

Ghana’s sovereign bonds were already trading in distressed territory prior to Russia’s invasion of Ukraine, according to the Africa Development Bank’s (AfDB) 2023 Africa’s Macroeconomic Performance and Outlook report.

The report cites fiscal concerns and widening spreads as reasons for the distress, with the spread expanding by more than 1,500 basis points since August 2022.

The report also states that debt vulnerabilities are likely to persist as countries such as Ghana continue to grapple with the economic shocks from the COVID-19 pandemic and Russia’s invasion of Ukraine.

As of the end of September 2022, 23 African countries were either in debt distress or at high risk of debt distress, up from 20 in 2020, according to the report.

Furthermore, since January 2022, all 23 countries in debt distress or at high risk of debt distress have recorded an increase in sovereign spreads of more than 700 basis points.

The AfDB report also notes that Ghana’s public debt reached GHS467.4bn ($82.6bn) at the end of September 2022, pushing the country’s debt to unsustainable levels.

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