Dr Mahamudu Bawumia, the running mate to the 2016 New Patriotic Party (NPP) flagbearer Nana Akufo-Addo, says investors are fast losing confidence in Ghana’s economy.
The former Deputy Governor of the Central Bank says government has defaulted in the payment of a loan from Standard Bank for a military project.
Speaking at a fund raising program in London, Dr Mahamudu Bawumia said this spells doom for the country’s economic growth as our public debts increase to over 60 percent of the nation’s GDP.
“Ghana appears to be having problems servicing her debts and this is making investors lose even more confidence in the economy. There is word out in the financial market circle that Ghana has recently defaulted on its debt to the Standard Bank for the financing of a [military project].”
He noted that it is very important that the government quickly rectifies the problem if it is true that it has defaulted.
Dr Bawumia said Ghana’s public debts are reaching unsustainable levels as the nation needs six times its oil revenue to pay interest on loans secured for projects in the country.
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