Ghana Now Spends Less Than 20% Of Revenue On Debt Servicing- Ato Forson

Finance Minister Cassiel Ato Forson says Ghana has made significant progress in reducing the proportion of national revenue spent on debt servicing.

In a Facebook post, he stated that in the past, Ghana spent over 50 per cent of its national revenue on servicing debt.

This, he said, had left less money for schools, hospitals, roads and other essential infrastructure.

“Today, I am proud to say that we have made significant progress. We now spend less than 20 per cent of our revenue on servicing debt,” the Minister wrote.

It comes after Ghana signed a debt restructuring agreement with Belgium covering debt owed to Belgium’s export credit agency.

According to the Minister, the agreement eases pressure on the national budget and frees more resources for critical sectors including healthcare, education and roads.

The deal forms part of Ghana’s ongoing external debt restructuring efforts aimed at restoring debt sustainability and creating fiscal space for development.

Click to read more: https://opemsuo.com/author/hajara-fuseini/