Ghana’s total public debt stock has increased once again according to new data released by the Bank of Ghana.
The debt stock which ended the first quarter of 2021 at GH¢ 304.6 billion, increased by almost GH¢ 30 billion in April and May.
This saw Ghana’s total public debt as of the end of May 2021 rising to GH¢ 332.4.
The new debt figure brings Ghana’s debt to Gross Domestic Product (GDP) ratio to 76.6% as of the end of May.
The Member of Parliament for Ajumako-Enyan-Esiam constituency and a former Deputy Minister of Finance, Dr. Cassiel Ato Forson, says the unbridled borrowing of the Akufo-Addo-led government, if not checked, will lead Ghana to rejoin the heavily indebted poor countries (HIPC).
According to him, the country’s debt stock was ballooning yet the government continues to borrow to embark on activities that cannot repay the loans.
For him, “Ghana’s debt sustainability ratio is worrying” and that Parliament ought to set benchmarks to restrain the government from further borrowing.
Dr. Ato Forson made the remarks in a presentation he delivered at the National Democratic Congress (NDC) Ranking Members Forum on policy dialogue on Ghana’s economy on Monday, July 26, 2021.
Source: Mybrytfmonline.com/Kofi Atakora
