Many African countries are contending with crippling debt service obligations with about half of Sub-Saharan African countries at high risk of, or already in debt distress at the end of 2024, Governor of the Bank of Ghana, Dr Johnson Asiama has said.
Dr Asiama said that this severely constrains fiscal space for essential social and development spending, and hinders progress towards achieving the Sustainable Development Goals (SDGs).
He stated that most concerning is that per capita public expenditure on interest payments in Africa has surpassed spending on health and education, exacerbated by declining overseas development assistance.
Dr Johnson Asiama said after throwing more light on the impact of COVID pandemic, geopolitical…
