Ghana’s total debt stock currently stands at GH¢450 billion in 2022 – Ofori-Atta

Minister of Finance, Ken Ofori-Atta, has said the country’s total debt stock currently stands at GH¢450 billion in 2022 from a total of GH¢120 billion in 2017.

This represents about GH¢300 billion in borrowing since the Akufo-Addo government came into office in January 2017.

Ken Ofori-Atta appearing before the ad-hoc committee probing a censure motion filed against him by the Minority in Parliament explained that although the figure is huge and worrisome, it is important to place focus on the loans secured and what the funds have been expended towards.

He said government has invested the GH¢330 billion loan under key initiatives such as the Planting for Food and Jobs, construction of interchanges, and educational infrastructure, among others.

When probed over claims he had mismanaged the Ghanaian economy which is now seeking IMF assistance, Ken Ofori-Atta said “government’s strenuous efforts to protect the public purse is what has helped”.

The vote of censure filed by the Minority in Parliament was based on seven grounds.

Below are the seven points for which the Minority wants KEN Ofori-Atta censured:

a. Despicable conflict of interest ensuring that he directly benefits from Ghana’s economic woes as his companies receive commissions and other unethical contractual advantages, particularly from Ghana’s debt overhang

b. Unconstitutional withdrawals from the Consolidated Fund in blatant contravention of Article 178 of the 1992 Constitution, supposedly for the construction of the President’s Cathedral.

c. Illegal payment of oil revenues into offshore accounts, in flagrant violation of Article 176 of the 1992 Constitution.

d. Deliberate and dishonest misreporting of economic data to Parliament

e. Fiscal recklessness leading to the crash of the Ghana Cedi which is currently the worst-performing currency in the world

f. Alarming incompetence and frightening ineptitude, resulting in the collapse of the Ghanaian economy and an excruciating cost of living crisis

g. Gross mismanagement of the Ghanaian economy which has occasioned untold and unprecedented hardship

MA/FNOQ

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