Ghana’s debt Stock: Let’s set benchmark for gov’t- Dr. Forson

Former Deputy Finance Minister and Minority Spokesperson on Finance Dr. Cassiel Ato Forson says the time has come for parliament to immediately set benchmark for Akufo-Addo-Bawumia-led Administration to limit their unwavering penchant for excessive borrowing to save the national economy from total collapse.

Economic and Financial data released by Bank of Ghana puts Ghana’s total debt stock of March 2021 at 304.6 billion Cedis equivalent to $57.9 billion attributed to huge borrowing from the domestic market and bonds.

In April 2021, the debt stock stood at 328 billion Cedis which implies that a significant jump of 23.4 billion debt was added between March and April forcing government to slow down borrowing.

According to him, Ghana stands out as having the highest costs of borrowing within the African Region.

Apart from that, Ghana remains the most exposed interest rate risk country and GHC 8.2 billion are in arrears to contractors and others.

Speaking at Policy Dialogue on Economy in Accra, the former Deputy Finance Minister Dr. Forson said “We must set benchmark for Akufo-Addo-Bawumia government because they will crash Ghana and crash us with excessive borrowing “.

Meanwhile, Minority Leader Haruna Iddrisu says they are demanding immediate audits of all public expenditure on Covid-19.

Source: africaneditors.com