Ghana Defaults on National Debt… is the US Next?
Heresy Financial: 12-24-2022
It’s no secret that the country, Ghana, has some major economic issues. Right now, they are defaulting on most of their external debt.
And just within the last couple of weeks, they announced another solution to deal with their economic problems, one of which was using gold to buy oil in order to circumvent getting dollars, which is contributing to some of their inflation.
On Monday, its finance ministry said that it will stop servicing debts, including its Eurobonds, commercial loans and most bilateral loans.
Now, Ghana has gotten itself into some deep trouble with its debt over the past few years, with their current split sitting at about $13 billion in Eurobonds, $8 billion in multilateral bonds, and then an assortment of other debts, including about 1.7 billion owed to China.
Now, this dollar amount by itself may seem huge or may seem insignificant. We really must put this into perspective in terms of how big is this amount of debt, in terms of how much it cost the government compared to how much the government makes from its tax revenue?
Timecodes
00:00 Ghana Defaults on Most of Their External Debt
02:29 Total Public Debt
04:25 Total Interest Rates
06:18 How This Will All Play Out
This Time Japan Dropped a Bomb on Us – Ep 863
Peter Schiff: 12-24-2022
- Everyone realizes recession is coming, but nobody realizes how bad it will be.
- Too many people are getting rich off war in Ukraine for there to be a chance of peace.
- Gold and silver mining stocks are at the beginning of a bull market.
- Institutional interest in Bitcoin is gone.
- Bank of Japan has now joined the tightening party.
