Ghana’s Finance Minister, Ken Ofori Atta has attributed the decision to seek financial assistance from the IMF to global challenges.
The Finance Minister stated that until the introduction of Covid 19 in 2020, Ghana’s economy was on the correct track during his presentation of the Midyear Budget Review on Monday, July 25 in Parliament.
He continued by saying that before the Russia- Ukraine war exacerbated Ghana’s financial crisis, the nation was on the road to recovery.
According to the Bank of Ghana’s most recent statistics, as of June 2022, Ghana’s total public debt stock was US$54.4 billion, or GH393.4 billion.
From $58.6 billion in December 2021 to $54.4 billion in the first six months of 2022, the debt decreased by around $4 billion in dollar terms.
However, in Cedi’s terms, the overall debt stock climbed by nearly GH41 billion in the first half of this year.
According to information from the Central Bank’s Summary of Economic and Financial Data report, as of June 2022, an extra 41.6 billion Ghana cedis had raised the country’s total public debt to GH393.4 billion.
Source: Mybrytnewsroom.com/Joseph Asare
