• The World Bank has urged Ghana to exhibit transparency in debt reporting
• It also urged other African countries to build on staff capacity for government
• This was contained in the World Bank’s 2021 Africa Pulse report
Some African countries including Ghana have been charged to exhibit and improve on debt transparency, the World Bank’s 2021 Africa Pulse report has said.
According to the Bretton Woods institution, it is critical for African countries like Ghana to collect and publish accurate data to improve their liability reportage.
“Improving debt transparency remains critical. In particular, African countries need to collect and publish more and better debt data and improve contingent liability reporting. It is imperative to continue building government staff capacity for improved debt management, including for audits and internal controls,” the report explained.
Meanwhile, Ghana’s total debt stock as of July 2021, according to the Bank of Ghana reached GH¢335.9 billion and about 76.4% of Gross Domestic Product for the period.
On the foreign debt front, Ghana’s debt was estimated at US$28 billion in July 2021, whilst the domestic debt was GH¢173.9 billion in July 2021, from GH¢170.8 billion earlier recorded in May 2021.
The World Bank on its part has cautioned Ghana to reduce its rate of borrowing.