Debt Overhang: Debt reduction and crowding out - The case of Ghana's domestic debt crisis, 2022/23

World Bank (2022) found that the fiscal deficit widened slightly to 9.3% of GDP in 2021 but further increased to 12.1% of GDP in 2022 due to higher spending. Public debt rose from 79.6% in 2021 to over 88.1% of GDP in 2022, as debt service-to-revenue reached 117.6%.

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