Ghana has fallen into the league of countries that will find it difficult to pay their debts on time.  

JOYBUSINESS in April this year reported Ghana might be just a few steps away from being classified as a high risk debt distress country according documents on debt positions of countries.

The country's public debt hit about 88 billion Ghana, as at March this year, representing about 67 percent of the total value of the economy which is now worth about 112 billion cedis.

However some economists are worried that Ghana could soon cross the dreaded 70 percent mark of GDP that could see Ghana also classified as HIPC as government is set to issue another Eurobond in the coming months.  

Responding to a question at a press conference in Washington DC, on the status of Ghana's 1 billion dollar Eurobond, IMF's Communication Director Gerry Rice said the borrowings should be done in a way not to escalate Ghana's debts.

Meanwhile, World Bank is also warning of some tough times for developing countries like Ghana this year.  

According to the bank's new Global Economic prospects report, the difficulties will be due to the looming outlook of higher borrowing costs as countries like Ghana adapt to a new era of low prices for oil and other key commodities.