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The World Bank Country Director for Ghana, Liberia, and Sierra Leone, Robert Taliercio, has advised Ghana to be cautious about re-entering international capital markets too soon. He described such a move as premature and potentially risky, warning that it could undermine the progress made through the country’s debt restructuring efforts.
Taliercio made these remarks during the launch of the World Bank’s latest Public Finance Review report, titled “Building the Foundations for a Resilient and Equitable Fiscal Policy.” His caution follows Ghana’s successful restructuring of both its domestic and external debts, which provided significant relief under the $3 billion IMF Extended Credit Facility (ECF) programme.
“The risk now is falling into complacency with these achievements and returning to a business-as-usual mindset – a recurring error in the past. Ghana has requested a record of 17 IMF programs. As a result, the country has been under active IMF programs for 40 out of 68 years of its history,” he explained.
Taliercio further warned that “a premature return to international capital markets could send the wrong signal to markets and a reversal to unsustainable borrowing costs.”
Since 2022, Ghana has been unable to access international capital markets for dollar funding due to high debt levels, slow economic growth, and a weak balance of payments.
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