Business News Thu, 16 Nov 2017

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Ofori-Atta hiding Ghana’s true debt stock – Adongo

Finance Minister Ken Ofori-Atta is covering up Ghanaians true debt situation, Minority MP for Bolgatanga Central Isaac Adongo has said.

Ghana’s debt-to-GDP (Gross Domestic Product) ratio as of September 2017, according to Mr Ofori-Atta, has reduced to 63.8 percent, he told parliament on Wednesday, 15 November when he presented the 2018 budget.

“The debt-to-GDP ratio has declined from 73 percent at the end of December 2016 to 68.6 percent at the end of September 2017,” Mr Ofori-Atta noted.

According to him “the annual average rate of debt accumulation of 36.0 per cent over the last four years, has declined over the last nine months to about 13.58 per cent”.

This, he said government managed to achieve through prudent management of the economy.

“This was achieved as a result of a reduction in the fiscal deficit and a policy of debt re-profiling,” he added.

However, Mr Adongo told Class91.3FM’s news that: “The Finance Minister is misleading Ghanaians by concealing the true state of Ghana’s debt, so, we don’t even know your debt, so, how do we know your debt? And it’s a very sad development that the minister will try to do this to the people of Ghana.”

Source: Class FM

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