{"id":242463,"date":"2024-10-31T02:51:14","date_gmt":"2024-10-31T02:51:14","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/10\/31\/ghana-needs-debt-ceiling-to-prevent-another-round-of-debt-restructuring\/"},"modified":"2024-10-31T02:51:14","modified_gmt":"2024-10-31T02:51:14","slug":"ghana-needs-debt-ceiling-to-prevent-another-round-of-debt-restructuring","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/10\/31\/ghana-needs-debt-ceiling-to-prevent-another-round-of-debt-restructuring\/","title":{"rendered":"Ghana needs debt ceiling to prevent another round of debt restructuring"},"content":{"rendered":"<p><\/p>\n<div>\n<p class=\"article-image\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/cdn.ghanaweb.com\/imagelib\/pics\/524\/52463887.295.jpg\" alt=\"Ghana's debt restructuring\" title=\"Ghana's debt restructuring\" width=\"295\" height=\"169\" \/> <span class=\"image_caption\"><span>Ghana&#8217;s debt restructuring<\/span><\/span><\/p>\n<\/div>\n<div style=\"-webkit-user-select: none; -webkit-touch-callout: none; -moz-user-select: none; -ms-user-select: none; user-select: none;\">\n<p id=\"article-123\">Professor Peter Quartey, Director, of the Institute of Statistical, Social, and Economic Research (ISSER), says Ghana needs a debt ceiling to prevent another round of debt restructuring. <\/p>\n<p>He said the government must by law borrow at a threshold of 60 per cent of Gross Domestic Product (GDP) to reduce debt servicing in future expenditures. <\/p>\n<p>Prof Quartey was launching the State of Ghanaian Economy Report, which was held at the premises of the Institute. <\/p>\n<p>The event aligns with ISSER\u2019s commitment to promoting knowledge for evidence-based decision-making and sustainable development. <\/p>\n<p>It provided an objective platform to discuss the current economic situation and its impact on Ghanaians. <\/p>\n<p>The Professor said the government must review the fiscal responsibility law to include a debt ceiling to ensure that deficits and debt are contained within sustainable thresholds.<\/p>\n<p>He said the government must ensure that there was expenditure rationalisation, especially in procurement and compensation, through the digitalisation of payroll systems.<\/p>\n<p>Ghana was plunged into serious indebtedness when it failed to service its external and internal debts in 2022. <\/p>\n<p>The country\u2019s debt situation was worsened by its lack of access to the international market due to its junk status ranked by international rating agencies. <\/p>\n<p>On 5th December 2022, the government of Ghana launched Ghana\u2019s Domestic Debt Exchange Programme (DDEP) to restructure GHS137 billion of the domestic debts. <\/p>\n<p>Prof. Quartey said Ghana\u2019s tax capacity was low, as evident in its low tax-to-GDP ratio, which stood at 12.3 per cent in 2022 and 13.64 per cent in 2024.<\/p>\n<p>He said this led to a vicious cycle of low tax inflows under the provision of infrastructure. <\/p>\n<p>This, according to the Professor of Economics, forced Ghana to rely heavily on debt through interest payments, which constituted the single largest expenditure item contributing to the recent economic instability. <\/p>\n<p>The Director urged the government to implement a strong revenue-based system by enhancing the capacity of prospective revenue-generation institutions such as the Metropolitan, Municipal, and District Assemblies (MMDAs).<\/p>\n<p>He said the government must ensure expenditure rationalisation, especially in procurement and compensation, through the digitalisation of payroll systems. <\/p>\n<p>The ISSER director also advised the government to ensure that all government expenditures across the MMDAs are captured under the GIFMIS system.<\/p>\n<p>He advised the MMDAs to appropriately design and deploy technology to boost property rate collection, reduce reliance on central government transfers, and promote local development. <\/p>\n<p>The Professor also urged local governments to invest in appropriate Information Technology(IT) systems to increase tax capacity.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Ghana&#8217;s debt restructuring Professor Peter Quartey, Director, of the Institute of Statistical, Social, and Economic Research (ISSER), says Ghana needs a debt ceiling to prevent another round of debt restructuring. He said the government must by law borrow at a threshold of 60 per cent of Gross Domestic Product (GDP) to reduce debt servicing in [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":242464,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-242463","post","type-post","status-publish","format-standard","has-post-thumbnail","category-top-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Ghana needs debt ceiling to prevent another round of debt restructuring - 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\/2024\/10\/31\/ghana-needs-debt-ceiling-to-prevent-another-round-of-debt-restructuring\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ghana needs debt ceiling to prevent another round of debt restructuring - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"Ghana&#8217;s debt restructuring Professor Peter Quartey, Director, of the Institute of Statistical, Social, and Economic Research (ISSER), says Ghana needs a debt ceiling to prevent another round of debt restructuring. 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