Tag: debt
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Ghana’s debt stock up by GHS43.5 billion
Ghana’s total debt stock has gone up again. According to the latest Summary of Macroeconomic and Financial Data from the Bank of Ghana, the total public debt stock which started the year at GHS219.6 billion, saw an accumulation of GHS43.5 billion in seven months. This brings the total debt at the end of July 2020…
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Fiscal discipline required to stabilize economy – IFS
A Senior Research Fellow at the Institute of Fiscal Studies, IFS, Dr. Said Boakye, has reiterated the need for more political commitment to ensure fiscal discipline amidst the novel Coronavirus pandemic. According to him, with Ghana’s debt servicing taking 72 per cent of government revenue, the county’s fiscal position is likely to get worse if…
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Gov’t must seek debt relief and cancellation to ease debt burden – IFS
The Institute of Fiscal Studies, IFS, has urged government to immediately seek debt reliefs and cancellation from its major creditors. According to the Institute, while it is true that the pandemic has affected the country’s fiscal position, the ‘head-scratching choices’ of the government to alleviate the economic impact of the pandemic puts the country in…
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‘No economy is revived without spending’ – Economist backs Gov’t’s expenditure
Economist, Dr. Adu Owusu Sarkodie, says government must necessarily spend to revive the economy following the Finance Minister’s presentation of the 2020 Mid-Year budget Review, during which he requested a supplementary budget of GHS11.8 billion cedis. According to Dr. Owusu Sarkodie, with the severe economic impact caused by the coronavirus pandemic, this is one of…
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Ghana’s rising debt due to discontinuation of our prudent measures – Terkper
A Former Finance Minister, Seth Terkper, has blamed Ghana’s increasing debt on the discontinuation of measures put in place by the erstwhile government. According to him, that situation put the country in a very dire position. Within the 1st quarter of 2020, Ghana increased its debt by 16.9 billion cedis, putting the debt at 236.1…
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China to exempt some African countries from repaying specific loans – Prez. Xi Jingping hints
China’s President, Xi Jingping has announced that China will exempt some African countries from repaying zero-interest rate loans due at the end of 2020, according to Reuters News agency. Speaking at the China-Africa Summit, President Xi Jingping stated that, under the framework of the China-Africa cooperation forum, China will further extend loan payment forbearance for…
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VRA debt owed Ghana Gas hits $735 million
Management of the Ghana Gas Company has revealed that the Volta River Authority (VRA) owes the company 735 million dollars. The debt was incurred as a result of VRA’s inability to pay for gas supplied to power its thermal plants. The development according to Ghana Gas is affecting its financial status. Speaking at a press…
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Economist lauds debt re-profiling as debt reaches GH¢172.9bn
An Economist, Professor Eric Osei Assibey has suggested that the government’s debt re-profiling could be having a positive impact on reducing the country’s debts. According to him, some interim improvements within the economy could have a greater impact if the plan is sustained. Professor Assibey’s comments come on the back of a recent Bank of…
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Ghana’s debt hits 145 billion cedis
Ghana’s total public debt stock has reached 145 billion cedis. Official figures released by the Bank of Ghana show that this is the level of the country’s debt as at February 2018. The figure also represents a debt to GDP ratio of 60 percent. The external component of the debt is at 17.4 billion dollars…
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Gov’t starts robust revenue drive to reduce debts
Government has reiterated plans to improve its revenue base and reduce the country’s debt levels and overdependence on donor agencies. In this regard, the NPP administration has set out an ambitious plan to mobilize enough domestic revenue to meet key infrastructural needs. This is also viewed against the backdrop of reducing borrowing which has led…