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IMF Sounds Alarm on Global Debt as Ghana Makes Strides in Economic Recovery

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The International Monetary Fund warns global public debt will surpass $100 trillion in 2024, posing financial stability threats. Vitor Gaspar, IMF Fiscal Affairs Director, cites escalating debt, potentially reaching 115% of GDP.

Gaspar urges governments to implement fiscal adjustments, strengthening governance for sustainable public finances. This caution comes amidst Ghana’s economic recovery efforts.

Ghana’s Central Bank Governor, Dr. Ernest Addison, met development partners at the 2024 Annual Spring Meetings in Washington, D.C. Discussions with the European Bank for Reconstruction and Development and World Gold Council focused on economic sustainability collaborations.

Dr. Heike Harmgart, EU Bank Managing Director, praised Ghana’s successful debt restructuring under the $3 billion Extended Credit Facility program with the IMF. This achievement serves as a model for other countries.

Ghana’s progress offers hope for effective recovery strategies, contrasting the IMF’s global debt concerns.

Ruth Abla ADJORLOLO

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