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Ghana has a long history with the International Monetary Fund (IMF) bailouts, but the country is in unchartered waters as it seeks to tackle its debt mountain, economists say.
Lack of transparency over Ghana’s debts to China, and the need for pension funds to take part in domestic debt restructuring as part of the deal with Beijing’s mean that getting a bailout from the IMF will be harder than ever before, economists say. It would amount to a risk of a drawn-out process similar to that in Zambia, where debt restructuring has yet to be concluded.
Zamba defaulted on its debt in 2021, with China holding about $6bn, or 35% of the country’s total external public debt.
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