Ghana is technically broke, Akufo-Addo’s statement incorrect – US based Professor Peprah

Associate Professor of Finance at Andrews University, Professor Williams Peprah, has refuted President Akufo-Addo’s claim that Ghana is not broke, asserting that, technically, the country is.

He cites Ghana's inability to meet financial obligations, adopt austerity measures, and seek international assistance as indicators of economic distress.

During the State of the Nation’s Address, President Akufo-Addo highlighted Ghana’s Gross International Reserves of $8 billion, an improvement from $2.5 billion in 2017. However, Professor Peprah argues that finance experts prioritize Net International Reserves, currently $4.92 billion.

He adds that Ghana’s debt-to-GDP ratio increased from 56.8% in 2016 to 74.6% in 2024, signaling rising debt levels. While debt restructuring occurred in 2024, Ghana's classification as being in high debt distress suggests financial instability. Meeting a $346 million loan payment could alter this assessment.