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    Ghana’s public debt stock hits ¢575.7bn in November 2022; more than 90% of GDP – BoG

    Govt strikes deal with Insurance Association on debt exchange programme

    We must invest in crucial infrastructure to accelerate AfCFTA’s success– Bawumia to African Leaders

    NCCE Chairperson pays courtesy call on BoG Governor

    Feed Africa Summit: African Development Bank to commit $10bn to make continent breadbasket of the world

    Accra never sleeps, neither does The Cosmopolitan …The Cosmopolitan now runs 24/7 [ARTICLE]

    Tax on agro inputs a threat to agribusiness and food security – Analysts

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    AfriCatalyst to host conference on use of Special Drawing Rights to accelerate economic transformation

    Banks seek shorter maturities in local debt-swap deal

    Zenith Bank ceases trustee services in unit trust schemes in Ghana

    Gold for oil policy will reduce pressure on forex – Bawumia

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    Registrar of Companies increases fee for business registration

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    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Meta considered building a Twitter competitor to capitalize on Elon Musk’s ‘crisis’ at company

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Investors are losing confidence in Ghana – Bawumia

bycitibusinessnews
June 29, 2015
in Business, Local Economy, News
Dr. Mahamadu Bawumia

Dr. Mahamadu Bawumia

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New Patriotic Party’s (NPP) Vice Presidential candidate Dr Mahamudu Bawumia has said investors are fast losing confidence in Ghana’s economy.

[contextly_sidebar id=”YBpuUeIziIgZBRR3KobJGxfYhibcXCgP”]This he said is because of government’s inability to pay its foreign debts, adding that it is adversely affecting the country.

Speaking at a fund raising program in London, Dr Mahamudu Bawumia  said this spells doom for the country’s economic growth as the public debt increases to close to 70% of the nation’s GDP.

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“Ghana appears to be having problems servicing her debts and this is making investors lose even more confidence in the economy. There is word out in the financial market circle that Ghana has recently defaulted on its debt to the Standard Bank for the financing of a [military project].”

According to the Bank of Ghana, the country’s current total public sector debt stock stands at 88.2 billion cedis as at the end of March 2015, representing 65.3 percent of GDP.

Ghana’s debt hit 76.1 billion cedis by the close of last year, up from the 51.9 billion cedis it recorded in 2013.

The Minister of Finance, Seth Terkper has said government will use proceeds from the stabilization fund to help defray Ghana’s debts.

He said the stabilization fund will be used to set up a ‘sinking fund’ which would be used to pay up some of the debts.

In the midst of all this, the cedi has plunged into another free round of free fall, triggering high cost of living and inflation.

The currency has so far depreciated by more than 20% to the major trading currencies this year alone.

The Bank of Ghana has sought to assure Ghanaians and investors that it has begun some of level of interventions to stabilise the situation but some financial analysts are skeptical.

–

By: Godwin A. Allotey/citifmonline.com/Ghana

 

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