World Bank cautions Ghana on 142.5 billion cedis distressing debt

World Bank cautions Ghana on 142.5 billion cedis distressing debt

- Ghana’s current debt is estimated at 142.5 billion cedis at the end of 2017

- This is higher than that of 2016 which stood at 122.6 billion

- The World Bank has revealed that the debt level is distressing and would have rippling effect on Ghana's economy

The World Bank has revealed that Ghana’s current debt situation is rising, making it distressing.

In a report sighted by YEN.com.gh on Citionline, Ghana’s debt level stands at 142.5 billion cedis as at the end of 2017.

This, according to the World Bank, could make Ghana return to a debt distressing situation if the country fails to manage its rising debt levels.

World Bank cautions Ghana on 142.5 billion cedis distressingKen Ofori Attah, Minister of Finance

Ken Ofori Attah, Minister of Finance

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According to World Bank, the huge debt level also mean the country will find it difficult meeting key government expenditure.

The situation, the World Bank added, would have negative impact on investments into the country.

This revelation with some other issues on Ghana’s economy, are contained in the World Bank’s latest report on the financial performance of African countries.

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The report explains further that Ghana ended 2017 with its debt estimated at 142.5 billion cedis.

This is higher as compared with the 2016 figure of about 122.6 billion cedis.

The distressing debt level has been blamed on a change in concessional loans taken by the government.

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The Africa Pulse report explains concessional loans as money taken on terms substantially more generous, compared to market loans which attract relatively high interest rates.

Meanwhile, President Nana Akufo Addo has reiterated his government’s goal to attain a ‘Ghana wthout aid’ agenda within a given time frame.

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Source: Yen.com.gh

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