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Ghana now a high debt distressed country - Ofori-Atta

Ken Ofori Atta Finance Minister5678 Finance Minister, Ken Ofori-Atta

Thu, 24 Nov 2022 Source: www.ghanaweb.com

Finance Minister, Ken Ofori-Atta, has stated that current debt sustainability conducted has shown that Ghana is now classified as a high debt distressed country.

According to him, the country's debt has been grossly affected by the constant depreciation of the cedi.

"The current debt sustainability analysis conducted reveals that Ghana is now considered to be at high risk of debt distress," he said while presenting the 2023 budget statement in parliament.

He added that "the sustainability of our debt has been continuously affected by the negative impact of exchange rate depreciation, particularly on external debt, as well as the crystallization of significant contingent liabilities in recent years."

He however added that government was committed to sustaining the country's skyrocketing debt levels.

He said, "Mr. Speaker, despite the heightened debt levels, Government remains committed to ensuring that debt is brought to sustainable levels over the medium to long term."

The Minister of Finance, Ken Ofori-Atta, is in parliament to fulfill his constitutional mandate by presenting the government budget to the House.

The presentation is in accordance with Article 179 of the 1992 Constitution and section 21 of the Public Financial Management Act, 2016 (Act 921).

The minister is presenting the 2023 Budget Statement and Economic Policy to parliament in a year that has experienced perhaps, the worst forms of economic downturns in the fourth republic.

Ken Ofori-Atta has also come under a lot of backlash and pressure from both within and outside his party, the New Patriotic Party (NPP), to either resign or be sacked by President Nana Addo Dankwa Akufo-Addo.

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Source: www.ghanaweb.com
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