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Another One Bites the Dust: Ghana’s Gaffes
Following its return to democracy in the early 1990s, investors began to show renewed optimism for Ghana as a pacesetter in the region. In ensuing years, the country was a beneficiary of the heavily indebted poor countries (HIPC) initiative that saw a successful reduction of its public debt from approximately 80% of its GDP in 2000 to around 20% in 2004, putting the country on a positive trajectory. Instead of taking advantage of a clean slate, Ghana’s post-HIPC history has included widening deficits, the abandonment of a disciplined fiscal framework at the onset of Covid-19 and rising core rates as of late. Markets have punished Ghana and given an increasingly unsustainable debt load, Ghana is unable to access external financing sources. Public debt is projected to reach about 100% of GDP by the end of 2022.
Bravo Tokayev—What a Difference a Year Makes
Recently, EMsights partook in a due diligence trip to the nations of Kazakhstan, Uzbekistan and Azerbaijan. We found Kazakhstan, which began 2022 in a bit of chaos, headed down a fascinating path towards reform and disentanglement from Russia. While we would like to see more progress made on Kazakhstan’s economic reform agenda, we are excited to see what President Tokayev does next.