Ghana’s Finance Minister, Seth Terkper revealed Friday that the country’s total debt stood at GHC92.2 billion as of September 2015.
Presenting the 2016 budget to Parliament, the minister however noted that Ghana’s public debt stock is now “increasing at a slower pace”.
He explained 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.
Mr. Terkper also opined that 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.
Ghana has in the course of the year taken a 1billion Eurobond and 1.2billion Cocoa Syndicated loan, all from the international market.
He further assured the House government will resist the temptation of election year overspending.
“Despite it being an election year, let me also reiterate President Mahama’s assurance of sustaining fiscal discipline while investing prudently in infrastructure and social development."