Ghana and four other countries – Kenya, Angola, Ethiopia and Zambia, face debt risks over the next two years, Standard Bank Group has said.

It described the five countries as “fragile five” of 18 countries covered in its recent report, and highlighted Uganda as among the continent’s brightest stars in 2022.

It pointed out that the deteriorating public finances pose a risk to the country’s ability to repay its loans and the economy.

With China more cautious about lending to African nations, the IMF is Ghana’s main hope if the country can’t improve its fiscal position, Jibran Qureishi, Head of African Research at Standard Bank Group Limited with Standard Group told Bloomberg.

“Debt sustainability now requires sharper focus, Jibran Qureishi said.

Presently, holders of Ghana’s international bonds are demanding more than 10% interest on the debt instruments.

Lenders see re-financing in the Eurobond market to be unviable when the US Federal Reserve increase interest rates and if Ghana’s budget targets prove elusive.