Budget 2016: Ghana Owes GHC92.2b

Ghana's total debt stood at GHC92.2 billion as of September 2015, Finance minister Seth Terkper has revealed.

He explains that the government had to take the monies from the international market to enable it embark on essential infrastructure projects and to service existing debts which had reached their repayment period.

Government has in the course of the year taken a 1billion Eurobond and 1.2billion Cocoa Syndicated loan, all from the international market.

There have been concerns that the Mahama-led administration has engrossed the country in needless loans and avoidable debts.

But presenting the 2016 budget statement and economic policy of the government in Parliament Friday, Terkper said the government has been smart with its borrowing so far.

He said government is targeting a gross domestic growth rate of 5.4% including oil and 5.2% excluding oil in the coming year. He noted that the government projects inflation at 10.1% in 2016.

He revealed also that trade between Ghana and Nigeria moved from GHC210.7M in June 2014 to GHC365M in 2015.