The Minister of Parliamentary Affairs, Hon. Osei Kyei-Mensah Bonsu, says Ghana’s total debt stock was Ghs291 billion at the end of December 2020.
Mr. Osei Kyei-Mensah Bonsu, who is also the Leader of Government Business and Caretaker Minister of Finance, disclosed this on Friday during the presentation of the budget statement for the 2021 financial year in Parliament.
“The provisional debt stock as of the end of December 2020 stood at a nominal figure of Ghs291.614 billion representing 76.1% of GDP, compared with Ghs217.991 billion equivalent to 62.4% of GDP in 2019.”
“The total debt stock mix was made up of a provisional figure of Ghs141.780 billion in external debts and Ghs149.833 billion for domestic debt, accounting approximately for 48% and 51.4% respectively of total public debt.”
In spite of the debt albatross around the neck of Ghana, Mr. Osei Kyei-Mensah Bonsu revealed that Ghana is better-positioned to build more resilient economy
“Through our decisive response, we have been able to achieve major results that have made it easier for the people to cope with this unprecedented crisis. For instance, our intervention through the Coronavirus Alleviation Programme (CAP) has been vital in preventing social dislocation and damage to our economic prospects.
“These additional government expenditures, in the face of declining revenues, were necessary to save lives,protect livelihoods and safeguard economic activities. Today, Ghana is better positioned to recover and rebuild an even more resilient economy, not only because we know how to do it, but also because the grace of God has been assured for the journey.”
Source: Opemsuo.com / Sasu Danquah