Business & Finance
- George Awiadem Maclean
- Category: Business & Finance
- Sunday, 21 May 2017 15:50
Ghana’s debt hits GH¢129.5billion from GH¢122billion in 2016; Nana Addo’s gov't adds GH¢7billion in 5months
According to Bank of Ghana’s Summary of Economic and Financial Data released Friday May 19, 2017, Ghana’s current debt now stands at GH¢129.5billion.
This figure per the data issued represents 63.7% of Ghana’s Gross Domestic Product (GDP).
The current figure (GH¢129.5bn in 2017) as it stands now is GH¢7billion higher than the GH¢122billion recorded at the end of 2016.
The data as issued by the Bank of Ghana indicates that the external debt, out of the overall GH¢129.5 billion, amounts to GH¢74.5 billion whilst that of the internal debt stands at GH¢55 billion.
It will be recalled that the President of Ghana, Nana Addo Dankwa Akufo-Addo had on February 21st, 2017 disclosed in his maiden State of the Nation Address that Ghana’s debt stock skyrocketed from GH¢9.5billion from 2009 to GH¢122billion in 2016.
President Akufo-Addo, nonetheless, pledged he will not sit and allow the economy of Ghana to collapse any further under his watch.
He said: “I will not allow this country to collapse under my watch. We will reduce significantly the fiscal deficit this year.”