Every Ghanaian owes GH¢11,000 cedis if debt of GH¢32.4 billion cedis is shared

Every Ghanaian owes GH¢11,000 cedis if debt of GH¢32.4 billion cedis is shared

- Ghana is currently in GHȼ332.4 billion cedis debt

- Economists say each Ghanaian owes GHȼ11,133 out of this debt

- There are fears the country could plunge into a debt crisis

The International Monetary Fund - a global lender to Ghana - says the country is in debt.

Recent statistics from the IMF show that Ghana's debt is currently GHȼ332.4 billion cedis. What this means is that every Ghanaian will owes GHȼ11,133.

This is GHC1,433 more than what was owed by the close of December 2020. That is, from GHȼ9,700 in 2020 to GHȼ11,133 as of June ending 2021.

Further analysis suggests that between March and June ending 2021, the country's debt stock meant the ordinary Ghanaian had an additional individual debt burden of GHȼ1,000.

Corruption in Ghana

A private legal practitioner, Matin Kpebu, is angry at how the government is spending the taxes on Ghanaians.

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Ghana's public debt is currently over 80 percent of Gross Domestic Product. This statistic means that the country uses most of its revenue to pay the debt.

Speaking on the Newsfile show on Joy News, Martin Kpebu cried that wasteful spending is currently the order of the day at various ministries.

"Whenever you go to the Ministries, you see V8s all over the place. It's terrible." Private Legal Practitioner Martin Kpebu cried.

The lawyer praised conveners of the "Fix the country" protest for a successful demonstration against the corruption and economic wors in the country.

Fall out of 2024 elections

President Akufo-Addo will retire from the presidential elections in 2024.

But, as his tenure inched to a close, the 77-year-old leader has waded into a new debate. He wants the 8-year cycle of partisan changes in elections to end.

Speaking at the 29th anniversary of the New Patriotic Party (NPP), Nana Akufo-Addo prophesies his party's comeback in the 2024 presidential election.

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NPP will win 2024 elections no matter who is presented to lead the party – Akufo-Addo

He also said it would be a disaster for Ghana should Ghanaians vote for the National Democratic Congress (NDC).

According to Nana Addo, the NPP "cannot continue to accept the backsliding that takes place every eight years."

He goes on to warn that; "the foundations that we are laying today for the prosperity of our nation will be shaken if again we allow the path of progress to be diverted," he stated.

Some NPP political bigwigs are lacing their boots for what political experts describe as a "knife-edged" election in 2024.

So far, big names including the Minister of Trade and Industry, Alan Kyeremanteng, Vice President, Dr. Bawumia, and former minister of power, Boakye Agyarko have been listed as the leading candidates to lead the NPP in the 2024 elections.

Source: Yen

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