Ghana’s Finance Minister, Cassiel Ato Baah Forson, has revealed that the country will have to make large external debt payments over the next four years. Speaking in parliament during his first budget presentation, Forson stated that Ghana needs to pay $8.7 billion, which is about 10.9% of the country’s GDP.

The biggest payments will come in 2027 and 2028, with $2.5 billion due in 2027 and $2.4 billion in 2028. He also noted that no financial cushion was put in place to ease the burden of these payments.

Ghana is still recovering from a major economic crisis caused by factors like the COVID-19 pandemic, the war in Ukraine, rising global interest rates, and years of excessive borrowing.

Meanwhile, President John Dramani Mahama, who took office in January, has promised to improve the economy and create jobs. However, he faces several challenges, including high living costs, an ongoing IMF bailout, and a default on the country’s debt.

Ghana’s government will need to find ways to manage these financial difficulties while working to strengthen the economy.