Nana Akufo-Addo,the President of the Republic of Ghana has said the stock of public and publicly guaranteed debt increased during the economic difficulties but the government is servicing its debts, honouring coupon payments for both domestic bonds and Eurobonds.
According to him, the debt levels are reducing, recording a significant reduction in the debt stock by forty-six point eight billion Ghana cedis (GH₵46.8 billion) to seven hundred sixty-one point zero one billion Ghana cedis (GH₵761.01 billion) in October 2024 from eight hundred seven point seven nine billion Ghana cedis (GH₵807.79 billion) in September 2024.
In his last Address in Parliamentary,Nana Akufo-Addo said the public debt-to-GDP ratio, therefore, reduced from seventy-nine-point two percent (79.2%) in September 2024 to seventy-four-point six percent (74.6%) in October 2024.
He said this is expected to reduce further to fifty-five percent (55%) of GDP in net present value terms, a level that restores Ghana’s debt sustainability. It is hoped that the new government will continue with the policies being implemented to achieve this debt sustainability target.
“I am happy to inform the House that today, 3rd January 2025, my government will honour coupon payments to our Eurobond holders amounting to three hundred forty-six million US dollars ($346 million). We cannot afford to default on our debt repayments. These achievements demonstrate our firm commitment to the policies, structural reforms, and programme objectives and targets under the Programme.”
Source:Mybrytfmonline.com/Mensah Atakora
