The National Democratic Congress (NDC) has disclosed that each Ghanaian owes about GHC7000.
According to the party, Ghana’s total debt stock currently stands at $38.9 billion or GH¢198 billion. The figure, YEN.com.gh understands, represents 57% of Ghana’s Gross Domestic Product (GDP).
The NDC argued that the Akufo-Addo-led government has increased Ghana’s debt burden. It added that the government used the money for consumption instead of capital expenditure or infrastructure development. Pulse.com.gh reports that data from the Bank of Ghana (BoG) recently showed that the total debt stock has gone up by GH¢22 billion within 4 months. It shot up by GH¢51 billion from March 2018 to March 2019. In January 2019, the total public debt was $35.7 billion (GH¢176.6 billion) and $35 billion (GHS180.7 billion) for February 2019.
The figures represented 51.3% and 52.5% respectively of GDP. The current debt is inclusive of the $3 billion Eurobond issued by the government in March 2019. The finance minister, Ken Ofori-Atta, has however indicated that the Akufo-Addo administration will continue to borrow to build the country. According to him, it is important for a government who wants its country to grow do the needful to enhance the growth.
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