[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-111236-en":3,"doc-seo-111236-105":29,"detail-sidebar-cat-0-en-105":90},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":4,"is_deleted":4,"is_public":20,"is_downloadable":20,"audit_status":20,"page_count":21,"language":22,"language_code":23,"site_id":24,"html_lang":23,"table_of_contents":25,"faqs":26,"seo_title":13,"seo_description":14,"update_tm":27,"read_time":28},111236,16904993612988,"Olivia Brown","https://ap-avatar.wpscdn.com/davatar_a8503ba1806abce46bf441b54a3ca4cd",8,"Research & Report","Ghana - Joint World Bank-IMF Debt Sustainability Analysis - High Risk Assessment","Joint World Bank-IMF Debt Sustainability Analysis assesses Ghana’s public and publicly guaranteed debt, including key explicit and implicit liabilities. The report concludes high overall and external debt distress risk, while the granularity of the risk rating is assessed as sustainable and judgment is not applied. It credits progress from domestic debt restructuring and October Eurobond restructuring, plus an agreed G20 Common Framework memorandum. Debt is expected to improve to moderate risk by 2028, but stress tests show contingent liability shocks could lift public debt above the baseline throughout the horizon.","Public Disclosure  \nPub lic Disc losure Authorized  \nApproved by:  \nManuela Francisco and Abebe Adugna (IDA) and Annalisa Fedelino (IMF)  \nPrepared by the staff of the International Development Association (IDA) and the International Monetary Fund (IMF)  \n\n| GHANA: JOINT BANK-FUND DEBT SUSTAINABILITY ANALYSIS |  |\n| --- | --- |\n| Risk of external debt distress | High |\n| Overall risk of debt distress | High |\n| Granularity in the risk rating | Sustainable |\n| Application of judgment | No |\n\nThe authorities have made significant progress on their comprehensive debt restructuring strategy. They completed the domestic debt restructuring last year and the restructuring of their Eurobonds in October. In June 2024, they also reached agreement with the Official Creditor Committee (OCC) under the G20 Common Framework on a Memorandum of Understanding that codifies a debt treatment consistent with the IMF-supported program parameters. The DSA assumes a treatment of the residual claims of other external commercial creditors in line with the authorities’ restructuring strategy that is consistent with program parameters and comparability of treatment principles. Given their small share and with the government engaging in “good faith” negotiations, those claims are deemed away for the purpose of the DSA.  \nGhana is at high risk of debt distress due to near-term breaches of the DSA thresholds, but is expected to reach moderate risk of debt distress in the medium term as all DSA sustainability targets will be met by 2028. In particular, the PV of total debt-to-GDP and external debt service-to-revenue ratios will reach 55  \n1 This DSA is prepared in line with the Guidance Note of the Joint Bank-Fund Debt Sustainability Framework for Low Income Countries, February 2018 and with its 2024 Supplement.  \n2 The Composite Indicator (CI) score of 2.74 remains between the cut-off values for weak and strong debt-carrying capacity, 2.69 and 3.05, respectively. The CI is the weighted average of the 10-year average of the World Bank’s Country Policy and Institutional Assessment (CPIA) score and macroeconomic variables from the April 2024 WEO vintage.  \nand 18 percent, respectively, by 2028. Debt is assessed to be sustainable on a forward-looking basis asthe external debt restructuring is expected to be completed in line with program parameters.  \nStress test results show that a combined contingent liability shock would put overall public debt well above the current trajectory throughout the full DSA horizon. In addition, developments over the past few years and stress tests highlight the sensitivity of the debt ratios to commodity prices, exports, and a combination of shocks.  \nThe authorities’ reform efforts are supported under the IMF’s ECF arrangement and the World Bank’s DPO series, with debt management reforms remaining an integral part of the reform package.  \n1. The Debt Sustainability Analysis (DSA) covers public and publicly guaranteed (PPG) debt of the central government, with additional important liabilities of the public sector. The DSA also includes (i) explicitly guaranteed debt of other public and private sector entities including state-owned enterprises (SOEs) and (ii) certain implicitly guaranteed SOEs debt, namely: (a) Energy Sector Levy Act (ESLA) debt in the energy sector; (b) Ghana Educational Trust Fund (GETFund/Daakye) debt for education infrastructure; (c) debt related to the financing of infrastructure projects by Sinohydro and (d) gross debt of Cocobod3—one of the largest SOEs operating on non-commercial terms and largely engaging in quasifiscal activities. The DSA also includes the stock of domestic arrears to suppliers estimated at 6.3 percent of GDP at end-2023.4 Local governments are not able to borrow and are therefore not included in the debt coverage.  \n2. The financial sector clean-up and energy sector losses have weighed on government debt and continue to generate significant fiscal risks. The fiscal cost of the financial","cbCaiihWFgfdsV3g","https://ap.wps.com/l/cbCaiihWFgfdsV3g","pdf",1024782,1,27,"English","en",105,"# Debt distress risk assessment\n## Restructuring progress and treatment assumptions\n## Baseline sustainability outlook\n## Composite indicator and capacity context\n## Stress tests and sensitivity factors\n## Reform support and financing arrangements\n## Debt coverage and included liabilities","[{\"question\":\"What is the overall debt distress risk level for Ghana in the analysis?\",\"answer\":\"The analysis rates both overall risk of debt distress and the risk of external debt distress as high.\"},{\"question\":\"How does the DSA timeline expect Ghana’s risk to evolve?\",\"answer\":\"Ghana is expected to transition to a moderate risk of debt distress in the medium term as sustainability targets are met by 2028.\"},{\"question\":\"What do the stress tests indicate about Ghana’s debt sustainability?\",\"answer\":\"A combined contingent liability shock would push overall public debt well above the current trajectory across the full DSA horizon, and debt ratios are sensitive to commodity prices and exports.\"}]",1784489240,68,{"code":4,"msg":30,"data":31},"ok",{"site_id":24,"language":23,"slug":32,"title":13,"keywords":33,"description":14,"schema_data":34,"social_meta":85,"head_meta":87,"extra_data":89,"updated_unix":27},"ghana-joint-world-bank-imf-debt-sustainability-analysis-high-risk-assessment","",{"@graph":35,"@context":84},[36,53,67],{"@type":37,"itemListElement":38},"BreadcrumbList",[39,43,47,50],{"item":40,"name":41,"@type":42,"position":20},"https://docshare.wps.com","Home","ListItem",{"item":44,"name":45,"@type":42,"position":46},"https://docshare.wps.com/document/","Document",2,{"item":48,"name":12,"@type":42,"position":49},"https://docshare.wps.com/document/research-report/",3,{"item":51,"name":13,"@type":42,"position":52},"https://docshare.wps.com/document/ghana-joint-world-bank-imf-debt-sustainability-analysis-high-risk-assessment/111236/",4,{"url":51,"name":13,"@type":54,"author":55,"headline":13,"publisher":57,"fileFormat":60,"inLanguage":23,"description":14,"dateModified":61,"datePublished":61,"encodingFormat":60,"isAccessibleForFree":62,"interactionStatistic":63},"DigitalDocument",{"name":9,"@type":56},"Person",{"url":40,"name":58,"@type":59},"DocShare","Organization","application/pdf","2026-07-19",true,{"@type":64,"interactionType":65,"userInteractionCount":4},"InteractionCounter",{"@type":66},"ViewAction",{"@type":68,"mainEntity":69},"FAQPage",[70,76,80],{"name":71,"@type":72,"acceptedAnswer":73},"What is the overall debt distress risk level for Ghana in the analysis?","Question",{"text":74,"@type":75},"The analysis rates both overall risk of debt distress and the risk of external debt distress as high.","Answer",{"name":77,"@type":72,"acceptedAnswer":78},"How does the DSA timeline expect Ghana’s risk to evolve?",{"text":79,"@type":75},"Ghana is expected to transition to a moderate risk of debt distress in the medium term as sustainability targets are met by 2028.",{"name":81,"@type":72,"acceptedAnswer":82},"What do the stress tests indicate about Ghana’s debt sustainability?",{"text":83,"@type":75},"A combined contingent liability shock would push overall public debt well above the current trajectory across the full DSA horizon, and debt ratios are sensitive to commodity prices and exports.","https://schema.org",{"og:url":51,"og:type":86,"og:title":13,"og:site_name":58,"og:description":14},"article",{"robots":88,"canonical":51},"index,follow",{"doc_id":7,"site_id":24},{"code":4,"msg":5,"data":91},[92,96,100,104,109,114,119,122,127,130,134],{"id":20,"doc_module":4,"doc_module_name":45,"category_name":93,"show_sort_weight":94,"slug":95},"Story & Novel",90,"story-novel",{"id":46,"doc_module":4,"doc_module_name":45,"category_name":97,"show_sort_weight":98,"slug":99},"Literature",80,"literature",{"id":52,"doc_module":4,"doc_module_name":45,"category_name":101,"show_sort_weight":102,"slug":103},"Exam",70,"exam",{"id":105,"doc_module":4,"doc_module_name":45,"category_name":106,"show_sort_weight":107,"slug":108},5,"Comic",60,"comic",{"id":110,"doc_module":4,"doc_module_name":45,"category_name":111,"show_sort_weight":112,"slug":113},6,"Technology",50,"technology",{"id":115,"doc_module":4,"doc_module_name":45,"category_name":116,"show_sort_weight":117,"slug":118},7,"Healthcare",40,"healthcare",{"id":11,"doc_module":4,"doc_module_name":45,"category_name":12,"show_sort_weight":120,"slug":121},30,"research-report",{"id":123,"doc_module":4,"doc_module_name":45,"category_name":124,"show_sort_weight":125,"slug":126},9,"Religion & Spirituality",20,"religion-spirituality",{"id":125,"doc_module":4,"doc_module_name":45,"category_name":128,"show_sort_weight":125,"slug":129},"World Cup","world-cup",{"id":131,"doc_module":4,"doc_module_name":45,"category_name":132,"show_sort_weight":131,"slug":133},10,"Lifestyle","lifestyle",{"id":135,"doc_module":4,"doc_module_name":45,"category_name":136,"show_sort_weight":105,"slug":137},19,"General","general"]