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Business News Fri, 20 Apr 2018

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World Bank cautions Ghana on 142.5 billion cedis debt

World Bank has revealed that Ghana’s current debt situation is rising in a distressful manner. Ghana’s debt level stands at 142.5 billion cedis as at the end of 2017 which according to the World Bank, could make Ghana return to a debt situation if the country fails to manage.

The situation, the World Bank added, would have negative impact on foreign investments into the country as well as difficulty in meeting key government expenditure.

The revelation which is higher as compared to the 2016 figure of about 122.6 billion cedis have been relayed in the World Bank’s latest report on the financial performance of African countries.

The 'distressing' debt level however has been blamed on a change in concessional loans taken by the government.

Africa Pulse report explains concessional loans as money taken on terms substantially more generous, compared to market loans which attract relatively high interest rates.

Meanwhile,President Nana Akufo Addo has reiterated his government’s goal to attain a ‘Ghana wthout aid’ agenda within a given time frame.

Source: YEN

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