Public Debt Swells By ¢10bn In 4 Months

Deputy Minister Mona QuarteyA JOY News report monitored by Wojakugh indicate that Ghana’s public debts stands at GH¢76bn from an increase of GH¢10bn in four months.

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 GH¢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 [HIPC] 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.


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