Ghana Ranks 9th Among Africa’s Top Borrowers
…from China with $6.1B debt
By Praisebell Rosemond Larbi
Ghana has been ranked 9th among African countries with the highest outstanding loans to China, with a total debt of USD6.1 billion, according to new data released by the Global Development Policy Center at Boston University.
The Boston University report, which covers loan agreements between China and African nations over a 13-year period (2000 to 2023), highlights the growing depth of China’s financial involvement on the continent—particularly in funding large-scale infrastructure projects.
Angola tops the list with a staggering USD46 billion in Chinese loans, followed by Ethiopia (USD14.5 billion), Egypt (USD9.7 billion), Kenya (USD9.6 billion),and Nigeria (USD9.6 billion)in second through fifth positions, respectively.
Zambia (USD9.5 billion), South Africa (USD6.9 billion), Sudan (USD6.3 billion), and Cameroon (USD5.9 billion) occupy the sixth to tenth spots, with Ghana positioned just ahead of Cameroon.
The report reveals that China’s lending to Africa has largely focused on infrastructure development, with funds directed towards roads, railways, airports, ports, power plants, and communication networks. While many of these projects have contributed significantly to development, they have also sparked growing concerns about debt sustainability, repayment risks, and economic sovereignty.
In Ghana’s case, a large portion of the loans from China has gone into energy and transport infrastructure projects, including the Bui Dam, gas processing facilities, and road construction.
Experts warn that without prudent debt management and diversified revenue sources, the rising external debt to China and other bilateral creditors could place undue pressure on the country’s fiscal outlook and long-term economic stability.
China, now Africa’s single largest bilateral lender, has faced increasing scrutiny for its opaque loan terms and the use of collateral arrangements, often tied to national resources or key infrastructure.
