Ghana Ranked as Country With Second-Highest Debt Default Risk Globally
According to Visual Capitalist, Ghana is now placed second on its list of countries with the highest default risk in 2022. Only four countries, namely, Ukraine 10,856 basis points (bps), Argentina (4,470), El Salvador (3,376), and Ethiopia (3,035) have a credit default swap spread that is higher than Ghana’s at 2,071 bps. El Salvador Has Highest Default Risk After seeing inflation surge to over 29% in June, Ghana, West Africa’s second-largest economy, is now ranked as one of the countries most likely to default this year, Visual Capitalist’s latest sovereign debt....
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Ghana’s ongoing economic woes appeared to worsen in July after data from the country’s statistical agency, Ghana Statistical Service, suggested that the inflation rate is now nearly 31.7%. The nearly 2% increase in the country’s inflation rate comes at a time when the local currency is reported to have depreciated by as much as 30% since the start of the year.
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James Downer is a student of International Relations and Computer Science and is fascinated by the collision between the two subjects. In this article, Downer discusses last Wednesday's debt default by Argentina, bitcoin's growing role in the country and its thriving black market for dollars. If Argentina's 'Default Wednesday' had been as bad as its 2001 debt default, the country's citizens would be scrambling en masse for alternatives to the peso - such as bitcoin. When Cyprus, with a population of just over a million, suffered a financial crisis in 2013, freezing bank accounts and....