Ghana, Nigeria top list of nations with highest public debt stocks in West Africa – Report

Nigeria, Ghana and Ivory record highest debt levels in the sub-region

Governments in West Africa continue to borrow significantly, Report

It is important to note that figures captured from the Statista report were published on June 10, 2021. Public debt stocks of the countries mentioned are likely to have increased

Ghana, Nigeria and Ivory Coast have this year registered the highest public debts in West Africa.

This is according to data obtained from Statista, a leading German markets and consumer data provider.

According to the report, Nigeria, Ghana and Ivory Coast registered the highest public debts in the region with US$79.5 billion, US$21.9 billion and US$19.5 billion respectively.

“As of 2021, the total external public debt in West Africa amounted to around 164 billion U.S. dollars. Nigeria and Ghana recorded the highest levels of debt in the region, at approximately 79.54 billion U.S. dollars and 21.91 billion U.S. dollars, respectively,” portions of the report by Statista revealed.

“On the other hand, Gambia and Guinea-Bissau registered the lowest values, at 823 million U.S. dollars and 381 million U.S. dollars, respectively,” the report added.

The market analysis firms however point that between June 10, 2021, when the report was first published, up until the present, it is most likely the public debt stocks of most countries in the West Africa sub-region may have increased significantly as these nations continue to borrow.

Statista in its report captured a total of 15 West African nations.

Meanwhile, public debt stock in plain terms is defined as the total amount of debts incurred when a government borrows and is expected to pay back.

See below the list of public debts captured for 15 West African countries:

Nigeria: $79.5 billion

Ghana: $21.9 billion

Ivory Coast: $19.5 billion

Senegal: $13.7 billion

Mali: $5.1 billion

Guinea: $4.8 billion

Niger: $4.2 billion

Benin: $3.8 billion

Burkina Faso: $3.7 billion

Cape Verde: $1.9 billion

Sierra Leone: $1.8 billion

Togo: $1.4 billion

Liberia: $1.3 billion

Gambia: $823 million

Guinea-Bissau: $382 million