Ken Ofori-Atta: Finance Minister reveals Ghana’s debt stock is now GHc255 billion

Ken Ofori-Atta: Finance Minister reveals Ghana’s debt stock is now GHc255 billion

- Finance Minister, Ken Ofori-Atta, has revealed that the total debt stock of Ghana is now GHc255,727.1 billion

- He explained that it represents 66.36% of the Gross Domestic Product (GDP)

- The total debt stock is made up of GHc134,888.9m external debt, which is 52.7% of the amount, and GHc120,838.3m domestic debt, representing 47.3%

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The Minister of Finance, Ken Ofori-Atta, has disclosed that Ghana’s public debt stock currently stands at GHc255,727.1 billion.

Presenting the 2020 mid-year budget review in Parliament, he indicated that the outbreak of the coronavirus has led to the tightening of global financial conditions.

Notwithstanding, he went on, that Ghana’s $3 billion International Capital Market financing was conducted in the first two months of the year 2020.

Ken Ofori-Atta: Finance Minister reveals Ghana’s debt stock is now GHc255 million
Minister of Finance, Ken Ofori-Atta Source: The Ghana Report
Source: UGC

READ ALSO: Government secures GHc1.2 billion stimulus package for large businesses

Ofori-Atta went on to say that a $1 billion rapid credit facility was also executed in April 2020.

A report quotes him as saying that Ghana has been able to raise over GHc20 billion in four months to protect the vulnerable as well as businesses in the country.

In that respect, he explained that Ghana’s provisional debt stock increased to GHc255,727.1 million, which is 66.36% of the Gross Domestic Product (GDP).

The amount is composed of GHc134,888.9 million external debt, which represents 52.7% of the amount, and GHc120,838.3 million domestic debt, representing 47.3% of the amount.

In other news, Ken Ofori-Atta has stated that the government is ready to protect the jobs and businesses of Ghanaians.

According to him, businesses are suffering and given that they have to pay taxes it becomes a challenge when there is no flexibility in doing so and staying operational.

Another area of concern is the government’s expenditure as Ghana prepares for the next election on Monday, December 7, 2020.

READ ALSO: Mid-year budget review: Sacked workers to enjoy temporary incomes

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Source: Yen

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