Business News of Monday, 18 May 2020
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Former Deputy Finance Minister Cassiel Ato Forson says Ghana’s current public debt which sits at 236 billion cedis is almost fifty percent high when compared to that of the former government.
According to Mr Forson, data from the Bank of Ghana (BoG) reveals that Ghana’s debt increased from GH¢120.3 billion in December 2016 to GH¢236.1 billion by 31 March 2020.
He explains that despite Nana Addo Dankwa Akufo-Addo’s government being vocal on public debt politics in opposition, some Gh¢116 billion have been added to the debt in just 3 years and a few months.
“It is intriguing to observe that Ghana’s total debt stock as of March 2020 stands at GH¢236.1 billion. Despite his vociferous public debt politics in opposition, President Akufo-Addo has added some GhC116 billion to our public debt in just 3 years and a few months. Indeed we have to #KickNanaOut. Analysed closely, President Akufo-Addo’s debt accumulation is almost akin to Ghana’s entire public debt since independence”.
He also indicated that the Bank of Ghana was conspiring with the government to create false impression about the economy.
“The central bank is using December 2020 projected nominal GDP of GH¢398,048 billion instead of the official projected nominal GDP of GH¢385,251 billion which the government shared with the IMF in April 2020.”
“In effect, the Bank of Ghana is deliberately using a higher Nominal GDP to create the false impression that the government’s nominal debt as percentage of GDP is low. This is intellectual dishonesty and dangerous not only to Ghanaians but to the investor community. This is not only shameful but goes a long way to damage the otherwise reputable image of the BoG,” he stated.
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