{"id":54155,"date":"2023-04-04T13:14:35","date_gmt":"2023-04-04T13:14:35","guid":{"rendered":"https:\/\/www.ghanamma.com\/2023\/04\/04\/3business-summit-we-have-borrowed-in-excess-of-size-of-ghanas-economy-bokpin\/"},"modified":"2023-04-04T13:14:35","modified_gmt":"2023-04-04T13:14:35","slug":"3business-summit-we-have-borrowed-in-excess-of-size-of-ghanas-economy-bokpin","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2023\/04\/04\/3business-summit-we-have-borrowed-in-excess-of-size-of-ghanas-economy-bokpin\/","title":{"rendered":"3business Summit: We have borrowed in excess of size of Ghana&#8217;s economy- Bokpin"},"content":{"rendered":"<p><\/p>\n<div>\n<div class=\"td-post-featured-image\"><img loading=\"lazy\" decoding=\"async\" width=\"531\" height=\"317\"  alt=\"\" title=\"debt\" src=\"https:\/\/www.ghanamma.com\/wp-content\/uploads\/2023\/04\/debt.jpg\" data- class=\"entry-thumb lazyload\"\/><noscript><img loading=\"lazy\" decoding=\"async\" width=\"531\" height=\"317\" class=\"entry-thumb\" src=\"https:\/\/www.ghanamma.com\/wp-content\/uploads\/2023\/04\/debt.jpg\"   alt=\"\" title=\"debt\"\/><\/noscript><\/div>\n<p><strong>Ghana\u2019s debt situation is holding the country back from developing, a professor at the University of Ghana Business School, Godfred Bokpin has said.<\/strong><\/p>\n<p>He stated that Ghana is trying to reach the destination that it is proud of but debt is the main obstacle.<\/p>\n<p>Speaking at the 3Business Economic Sustainability Summit held in Accra on Tuesday, April 4, 70 percent of all our domestic revenue goes to debt servicing, it leaves very little space for growth and enhances spending.<\/p>\n<p>\u201cThe IMF debt sustainability concluded that our debt is unsustainable and the meant that we needed to take steps to restructure our debts. what does supposed to mean . MoF eventually told us that in September 2022 our debt to GDP ratio in present value terms was 105 percent and we needed to reduce this it\u2019s to 55 percent by\u00a0 2028.<\/p>\n<p>\u201cGhana is classified as a medium debt-carrying country per the IMF debt sustainability framework.<\/p>\n<p>\u201cSo if you are a medium debt-carrying country\u00a0 then your debt-to-GDP ratio in present value term should not be more than\u00a0 55 percent and Ghana is above 100 percent.\u201d<\/p>\n<p>He also said that Ghana has lost its status as an agricultural nation to service.<\/p>\n<p><iframe loading=\"lazy\" data-placeholder-image=\"https:\/\/3news.com\/wp-content\/plugins\/complianz-gdpr\/assets\/images\/placeholders\/facebook-minimal.jpg\" data-category=\"marketing\" data-service=\"facebook\" class=\"cmplz-placeholder-element cmplz-iframe cmplz-iframe-styles cmplz-no-video \" data-cmplz-target=\"src\" data-src-cmplz=\"https:\/\/www.facebook.com\/plugins\/video.php?height=314&amp;href=https%3A%2F%2Fweb.facebook.com%2FTV3GH%2Fvideos%2F901309570978749%2F&amp;show_text=false&amp;width=560&amp;t=0\" style=\"border: none; overflow: hidden;\" src=\"https:\/\/3news.com\/3business-summit-we-have-borrowed-in-excess-of-size-of-ghanas-economy-bokpin\/about:blank\" width=\"560\" height=\"314\" frameborder=\"0\" scrolling=\"no\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p>Even with the service status, he said, it is only based on retail and wholesale thereby relying heavily on importation.<\/p>\n<p>Once the country imports heavily, it creates jobs for others countries and creates unemployment domestically, he added.<\/p>\n<p>\u201cGhana, from independence, was known for agriculture but today Ghana is not known for agriculture. Ghana is known for service but the question is, is Ghana really a service-based economy?<\/p>\n<p>\u201cThe answer is no. Typically, if you look at the economic transformation when a country begins from agriculture and suddenly service is leading it tells you that that economy is matured so it has gone through that process but in the case of Ghana we started off agriculture being the leading contributor to the GDP and then we skipped industry, that is what the data is telling us and then we jumped straight to service.<\/p>\n<p>\u201cThat service sector is actually not quality service, it is the sector that is driven by retail and wholesale, largely import. Once your service sector is leading particularly in the area of retail and wholesale, once your industry isn\u2019t doing well then it means the bulk of what is happening is going to be important, typically once you import, you are important unemployment,\u201d he said.<\/p>\n<p><strong>By Laud Nartey|3news.com|Ghana<\/strong><\/p>\n<p>\u00a0<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Ghana\u2019s debt situation is holding the country back from developing, a professor at the University of Ghana Business School, Godfred Bokpin has said. He stated that Ghana is trying to reach the destination that it is proud of but debt is the main obstacle. Speaking at the 3Business Economic Sustainability Summit held in Accra on [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":54156,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[],"class_list":["post-54155","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>3business Summit: We have borrowed in excess of size of Ghana&#039;s economy- Bokpin - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2023\/04\/04\/3business-summit-we-have-borrowed-in-excess-of-size-of-ghanas-economy-bokpin\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"3business Summit: We have borrowed in excess of size of Ghana&#039;s economy- Bokpin - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"Ghana\u2019s debt situation is holding the country back from developing, a professor at the University of Ghana Business School, Godfred Bokpin has said. 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