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    Employ targeted-subsidized systems to check macro-economic challenges – Prof. Quartey

    Inflation in Africa: Some subsidy programs prolonging situation – Jeff Gable

    Cedi Summit comes off today at Alisa Hotel

    BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD

    BoG, CSA deepen collaboration to fight cyber threats

    Societe Generale Ghana launches new ‘boafo loan product’ assist MSMEs

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    Intravenous Infusions PLC records 10% growth in profit in 2021

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

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    Cedi Summit comes off today at Alisa Hotel

    BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD

    Societe Generale Ghana launches new ‘boafo loan product’ assist MSMEs

    CBOD calls for a more structured supply of Forex for petroleum products

    Bank of Namibia Governor pays courtesy call on BoG Governor

    DBG funds will not be used to buy gov’t securities – Deputy CEO assures

    Producer Price Inflation rises again to hit 33.5% in May 2022

    #CitiBusinessFestival: Garment industry needs financial support to thrive – Cyndex CEO

    Ghana tops list of countries with cheapest cost of electricity in West Africa

  • TECHNOLOGY

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

    Citi Business Festival: Acquiring digital skills key to securing employment – Maximus Ametorgoh

    Bank of Ghana commences piloting of digital currency in Sefwi Asafo

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    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

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    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

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Economist bemoans increasing use of domestic revenue for debt servicing

byBobbie Osei
October 26, 2020
in Local Economy, Top Stories
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An economist at the University of Ghana Business School, Dr. Patrick Asuming, has advised government to pay particular attention to the percentage of the country’s revenue used in servicing its rising debt.

His comment follows the International Monetary Fund, IMF’s projection that Ghana’s debt to GDP ratio would hit a troubling 76.7 percent by the end of 2020. The country’s total debt stock as at July 2020, had risen to GHS 263.1 billion Cedis pushing Ghana’s debt to GDP ratio to 68.3 percent by the end of the July.

According to the latest second quarter bulletin released by the Bank of Ghana, provisional domestic revenue figures from January to June amounted to 21. 68 billion Ghana Cedis representing a drop of 5.7 percent when compared to the domestic revenue accumulated in the first 6 months of 2019.

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When it comes to the amount spent on interest payment on Ghana’s debt however, the figure increased by 32.2 percent from 8.8 billion Ghana Cedis in the first 6 months of 2019, to 11.6 billion in the same period in 2020.

A further analysis of the figures shows that the country spent 53.7 percent of its domestic revenue on interest payment for the first 6 months of 2020, a development which economist Dr. Patrick Asuming describes as worrying.

“Ordinarily, I really don’t pay too much attention to the debt to GDP ratio as much as to the budget service ratio which is a fraction of our revenue that we commit to servicing our debt, as well as our debt-service ratio which is how much of our foreign exchange earnings we commit to servicing our debt. At the moment, both are quite high.”

“Under the circumstances we can understand. We just have to ensure that whatever we are using the borrowed money for is an investment in the economy that will boost growth in the medium to long-term so that we will have enough to service the debt that we are acquiring. Otherwise if all of this is going into consumption then we are going to be in trouble.”

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