During his delivery of the budget for the 2017 fiscal year, Ken Ofori Atta painted quite a gloomy picture of Ghana's debts.
The Finance Minister said a total of 10.8 billion cedis is paid annually as interest on loans which is five times more that the monies allocated to six ministries every year.
He revealed that Ghana has accumulated a total outstanding debt of 122.3 billion cedis in 2016 under the former John Mahama administration.
Ofori Atta explained why this was not sustainable and went on to outline how the Nana Addo Dankwa Akufo-Addo government would work to clean up Ghana's huge debt. He said there is the urgent need to collaborate with the work force and change the story of Ghana's sinking economy.
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The Minister said the government inherited a "challenged economy" pregnant with accumulated arrears, inflated cost of projects, lack of fiscal space and weak commitment to control, slowdown in economic growth, limited capital investment. He also added that the current Ghana's debt will be managed the lowest cost.
The ministry shall conduct and publish a debt sustainability analysis, the report of which will lead to a policy decisions in the country, he noted.
The minister christened the budget "Ghana beyond aid" noting that the government will introduce policies, strategies and actions that will "establish a righteous and just society."