Ghana’s Public Debt: Each Ghanaian Owes ¢3,600

Minority in Parliament has stated that per the ¢90 billion public debt pile by government, every Ghanaian bears a debt of ¢3,600 to pay.  

Minority Spokesperson in charge of Finance, Dr Stephen Akoto Osei made this known in reaction to the Finance Minister’s mid-year review and supplementary budget presentation to the floor of the house.

The mid-year review as presented by the Finance minister attracted several forms of critique from the side of the minority as they argued the current debt stock presented by the Finance Minister did not reflect the true state of Ghana’s debt profile as the Minority spokesperson argued the $1.5 billion Eurobond approved for issue by Parliament as well as some 300 million cedis loan agreements which he said were yet to be included in the debt profile.

The fiscal regime of President John Dramani has come under several forms of criticisms especially when the government is documented in an IMF report to cut down on external borrowing.

Ghana’s fiscal regime, according to Dr Akoto Osei, “has only crowded out the private sector making it difficult for them to borrow to expand their businesses to create jobs for the unemployed youth.

"Sadly it is these unemployed youth who are expected to repay this debt in the future. At Ghana's current debt each of us the 25 million Ghanaians owes 3,600 cedis.” He adds.

Questioning government’s honesty in relation to its fiscal reporting, minority in parliament argues: "...the numbers will look good if programme payments for the first five months are in arrears of 157million cedis to SSNIT, 112 million cedis to GET Fund; 191 million cedis to DACF. Can the government be truthful to the people of Ghana for once?"

Source: YEN.com.gh