[ 2015-02-19 ]

Government adds GH₵10bn to public debt in 4months
Joy News has gathered that government has
contracted 10 billion cedis in four months to
bring Ghana's public debt to Gh₵ 76bn.

The Bank of Ghana at a Monetary Policy Committee
Meeting in November 2014 put the public debt at as
August 2014 stood at GH₵66 billion.

But latest figures from a February 2015 MPC
meeting put the new debt figure at
GH₵76.1billion as at December 2014.

Public debt which is a total of external and
domestic borrowing and interest payments is now
67% of the total value of the economy.

Ghana is now three points away from hitting 70
percent, which could mean inching closer to HIPC.

But Ghc 10bn in four months may not mean extra
borrowing. The debt level could simply increase
through default payments on the interests on
debts.

But Deputy Minister Mona Quartey has assured
Ghanaians that government was showing “more
discipline” in managing the debts. She
maintained that very soon the rewards of such
discipline would become apparent.

“We are not going to HIPC. We are going into a
three-year IMF programme. We have been there
[HIPIC] once and we are not going back there”,
she told Joy News.

“We move forward not backwards” she
encouraged, saying Ghanaians should “declare and
decree” positive confessions.

Source - Joy News

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