Finance Minister, Ken Ofori-Atta, has disclosed that the country's debt stock has been increased by GH¢93 billion.
He attributed the increment to the depreciation of the local currency against major trading currencies at the start of this year.
He further said the depreciation of the cedi has had dire consequences on how the Finance Ministry steers the affairs of the economy.
"For us at the Ministry of Finance, the depreciation of the cedi seriously affects our ability to effectively manage our debt. Indeed, our stock of debt has increased by GH¢93 billion this year alone due to the depreciation of the cedi at the beginning of 2022," the Finance Minister said.
Ken Ofori-Atta made this known while presenting the 2023 budget before parliament on Thursday, November 24, 2022.
The presentation of the budget in parliament is in pursuance of the Public Financial Management Act, 2016 (Act 921).
This allows the Finance Minister to review the budget statement and economic policy of the government and supplementary estimates for the 2023 financial year.
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