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Data shows Ghana owes China the most in Africa
In a recent study conducted by the US-China Economic and Security Review Commission, Ghana emerges as the most heavily indebted among fifteen African nations for Chinese loans.
Ghana ranks first among African countries on Chinese loans.
Photo source; AI by Microsoft Bing
The findings reveal that China has extended a substantial sum of 31.1 billion dollars in loans to Ghana, encompassing the entirety of the country’s Chinese debt lending portfolio post the Highly Indebted Poor Countries (HIPC) period.
Other countries that follow Ghana include Guinea at a debt of $21.9 billion, Ethiopia at $14.8 billion, and Tanzania at $12.6 billion. This statement has created an outcry among economic analysts with Mr. Theophilus Acheampong being astonished by Ghana’s top ranking.
In response to the data, Acheampong drew parallels between the current situation and historical debt crises in the 1970s, hinting at potential implications similar to those leading to interventions like HIPC (Highly Indebted Poor Countries) in the past.
In a post cited by Ghanaweb on the platform X, Acheampong shared his thoughts on the matter stating; “… I thought Ethiopia would have taken more Chinese loans than Ghana. Data comes from the US-China economic and security review commission. According to the commission, 60 percent of China’s debtor nations were in financial distress in 2022, up from 5 percent in 2012. But how is this any different from the debt distress of the 1970s, late 90s to early 2000s, which led to the likes of HIPC/MDRI? Same game, just different players!”
This information is a cause of worry that Africa’s growing burden of debt to China could pose grave economic problems in their future.
Very interesting visual. I thought Ethiopia would have taken more Chinese loans than Ghana. Data comes from the US-China Economic and Security Review Commission. According to the Commission, 60% of China’s debtor nations were in financial distress in 2022, up from 5% in 2010. But… pic.twitter.com/ni85fl8Ndl
— Theo Acheampong, PhD (@mytheoz) December 11, 2023
