Data from the Bank of Ghana (BoG) indicates that Ghana’s public debt went up by GH¢6.2billion between July and September, 2016.
According to the summary of economic and financial data released by the bank, the country’s total debt stock reached GH¢112.4 billion as at September this year.
rt from government’s unbridled appetite for borrowing, other factors such as the cedis’ marginal depreciation and possible delays in interest payments could have resulted in the debt numbers recording such a significant increase.
Ghana’s total public debt grew from GH¢100.2billion in December 2015 (representing 71.6 per cent of GDP) to about GH¢105.1billion by the end of May 2016. The debt increased to GH¢106.2billion by July 2016 representing 66 per cent of GDP.
Ghana’s development partners have expressed concerns about Ghana’s worsening debt situation as well as government’s spending spree.
According to them, failure to check government’s borrowing appetite and expenditure could lead to a recurrence of the fiscal slippages experienced during the 2012 elections.
The Institute of Statistical, Social and Economic Research (ISSER) has criticised government‘s debt strategy of increasing borrowing on the private capital market, saying the strategy is counterproductive, especially when its management of and spending of borrowed funds is fraught with inefficiencies.
The Institute in its ‘State of the Ghanaian Economy in 2015’ said “Ghana must start to curb the relentless rise of debt; one thing is certain: the longer managers of the economy delay in reckoning with Ghana’s macro-economic problems, the more severe the eventual consequences will be.”
“There is no doubt that a debt crisis looms if corrective measures such as cutting and realigning expenditures are not prioritized; the plain truth with respect to improving the country’s debt position is the need to cut back on spending,” ISSER said in its position on the country’s debt.
Source: The Finder
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Jon Mahama and the NDC are borrowing to still the monies or divert the funds into 419 SCAMS like the following SCAMDs ;Armjaro Cocoa Scam ; Embrarer Jet Scam By Jon Mahama ; the Brazil Scam by Elvis Afriyie ; Tema Community 3 ramseyer site illegal acquisition scam ; Suba scam; Sada scam; Gyeeda Scamm; Woyome scam ;Construction pioneers(CP) scam ;African Automobile scam ; Bus Branding scam; Ford Expedition scam by Jon Mahama ; Nayale cocaine scam ; Merchant Bank scam; Ameri fraudulent scam ; DKM 419 scam by Lordina and Jon Mahama ;Waterville Scam -Woyome ; Jet hanger fraudulent scam by Jon Mahama ; Capacity scam -NDC; Heritage fund loot -scam; Isofotone -judgement debt scam ;Presidential diaries Over pricing scam ; Karpower plant scandal ; NHIS =-scams ; so Ghanaians can see how they have been robbed by one person call Jobn faeces Mahama ; now if you want to vote think twice because the NDC and Jon Mahama a bunch of 419 SCAMMERS !!!!!!!!!!out to leeche Ghana to death .
Incompetent John Mahama is using all these money to campaign..... We are in trouble if we vote this use11ess president again....
The governments promise to keep the deficit in check this election year cannot be met because local revenue mobilization has failed miserably under this Mahama administration.The way forward is to keep on borrowing.If this is the way to govern then even a village chief can do it.What was seen in the last years of Jerry Rawlings rule is repeating itself.The huge deficit is simply not healthy for Ghana.