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Business News of Friday, 28 January 2022

Source: www.ghanaweb.com

Today in History: Ghana ranked 9th African country with largest Chinese debt

Ghana is 9th most indebted country to China Ghana is 9th most indebted country to China

In 2021, Africa Facts Zone, reported that Ghana is among African countries that are heavily indebted to China with an estimate of about US$3.4 billion to rank 9th.

Angola placed first with a debt of US$25 billion.

This is followed by Ethiopia ($13.5 billion), Kenya (US$8 billion), Congo (US$7.3 billion), Sudan ($6.4 billion) and Zambia (US$6 billion).

The remaining are Cameroon (US$5.5 billion), Nigeria ($4.8 billion), Ghana (US$3.5 billion) and DR Congo (US$3.4 billion).

Read the full story originally published on January 28, 2021 by GhanaWeb


Ghana has been ranked as one of the countries on the African continent that is heavily indebted to Asian superpower, China.

China over the past few years has established itself as one of the world’s economic superpowers and as such the Asian country has become one of the biggest lenders to the world’s poorest continent, Africa.

Whiles Chinese support to Africa has helped some countries on the continent pursue various forms of development, it has also riddled several nations on the continent in debt.

According to Africa Facts Zone, Ghana ranks 9th as the African country holding the largest Chinese debt. It estimates that Ghana owes China about US$3.4 billion.

The first ten highest Chinese debt holders from highest to least has Angola placing first with US$25 billion.

This is followed by Ethiopia ($13.5 billion), Kenya (US$8 billion), Congo (US$7.3 billion), Sudan ($6.4 billion) and Zambia (US$6 billion).

The remaining are Cameroon (US$5.5 billion), Nigeria ($4.8 billion), Ghana (US$3.5 billion) and DR Congo (US$3.4 billion).

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