body-container-line-1

Ghana's public debt hits ¢93 billion in Nov 2015

By Joy Business
Business & Finance Ghana's public debt hits 93 billion in Nov 2015
FEB 9, 2016 LISTEN

The country's public debt continues to increase despite several efforts by government to contain it.

New figures from the Finance Ministry show that the debt increased marginally to 93 billion Ghana cedis as at November 2015 from 92 billion Ghana cedis in August 2015.

This shows that from October to November 2015, government added about 1 billion Ghana cedis to the country’s debt stock.

This should translate to over 70 percent of GDP. But speaking at news conference in Accra on measures being taken to stabilize the economy, Mr Terpker insists, the debt levels could have been higher, had it not been the new debt management strategies adopted by government.

The actual debt is not 72 because we will refinance. When we refinance we are at 70 and we are continuing with the refinancing.

"We use GDP because exchange rate affects it and it is more objective," he said.

In a related development the minister has confirmed that government will soon be presenting a supplementary budget. This will result in the review of estimates, and macro economic targets set in the 2016.

The finance minister however insists, this will be subject the approval of cabinet.

body-container-line