Ghana faces significant external debt service – Minister
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 […]
Nigeria’s Debt to China, India, IMF, and Others Increases by ₦30 Trillion
The sharp fall of the naira has significantly increased Nigeria’s external debt in local currency terms, adding about ₦30 trillion between 2023 and June 2024. This increase highlights the economic impact of currency depreciation on the nation’s finances. Data from the Debt Management Office (DMO) shows that Nigeria’s external debt was $43.16 billion in June […]
Tinubu Urges Senate to Approve New N1.767tn External Loan
President Bola Tinubu has requested the approval of the National Assembly for a fresh external loan of N1.767 trillion to help cover a portion of Nigeria’s 2024 budget deficit, which stands at N9.7 trillion. This request was made public by Speaker Tajudeen Abbass during a plenary session on Tuesday. The proposed loan is part of […]