Ghana ranks first among African countries with high Chinese loans – Report

Data compiled from the US-China Economic and Security Review Commission has shown that Ghana is the most indebted to China among 15 African countries.

The data showed that the total loans provided by China to Ghana following the HIPC Initiative completion is $31.1 billion which makes up the total of all Chinese loans taken by the country.

Guinea followed Ghana with $21.9 billion, Ethiopia followed with $14.8 billion and Tanzania with $12.6 billion.

Reacting to the data, Economist, Theophilus Acheampong, expressed his shock with Ghana being number one on the list.

He added that this has some semblance to what happened to nations in the 1970s that led to HIPC and other debt interventions.

He wrote on X: “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 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!”

SSD/NOQ

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