2020: Ghana's debt stock will reach 250 billion GHS – Minority | Policy

The minority in Parliament has forecast that the stock of Ghana's public debt will reach 250 billion GHS by 2020, based on the current rate of swelling of the stock of public debt.

Ghana's stock of debt now stands at 38.9 billion USD (198 billion GHS), or 2 billion GHS in 2001, but 200 billion GHS. According to the Bank of Ghana's Economic and Fiscal Data Summary, May 2019, the stock represents 57.5 percent of Ghana's GDP. from March 2019.

In January of this year, the total public debt amounted to GHS 176.6 billion (US $ 35.7 billion) and GHS 180.7 billion (February 35 billion).

Figures for January and February accounted for 51.3% and 52.5% of GDP.

A total amount of GHS 21.4 billion was added to the public debt in the first three months of 2019.

Current debt includes the US $ 3 billion Eurobond issued by the government in March of this year.

At a press conference held in Parliament on Thursday 6 June 2019, Cbadiel Ato Forson, a member of the European Parliament's Finance Committee, declared that the Akufo-Addo government had betrayed Ghanaians with its loans. inconsiderate.

Mr Forson said that the projection of 250 billion GHS by Minority by 2020 does not include the commercial loan of 750 million GHS that the government has contracted, an additional $ 1.5 billion. dollars contracted by the GETFund, as well as an additional $ 200 million from the Ghana National Petroleum Corporation (GNPC). ).

"Our estimate, based on this trend, is that the public debt will reach about 250 billion GHS a year at that time," said Ajumako / Enyan / Esiam constituency MP.

"Next year, do not be surprised if your public debt goes up to 250 billion GHS. This is an added 130 billion GHS over what they inherited, "he added.

He was of the opinion that "the current wave of borrowing threatens to reduce the fiscal space provided by the economic overhaul that started in 2016 and concluded in September 2018".

Mr Forson commented that it was "obvious that the president sees the basic change as an opportunity to take out rampant loans for consumer spending".

The minority accused President Nana Akufo-Addo of not being able to make significant investments, despite the resources available, adding that the president had instead "used deception to explain his failure."