Ghana’s debt increased by GH¢169.6 billion between 2016 and 2020
The Government of Ghana under the leadership of President Nana Addo-Dankwa Akufo-Addo says the country’s debt has increased by 169.6 billion since 2016.
This information is contained in the 2021 budget presented by Hon. Osei Kyei Mensah Bonsu to Parliament today, 12 March, 2020.
According to the budget, the country’s debt increased from 122billion to ¢ 291.6 billion between 2016 and 2020 which shows that the country’s debt has increased by GH¢169.6 billion.
Paragraph 72 of the 2021 budget said;
“Mr. Speaker, the total public debt has increased from GH¢122 billion (56.9% of
GDP) in 2016 to GH¢ 291.6 billion (76.1% of GDP) at the end of December 2020.
Included in the debt stock and the debt/GDP ratio at the end of 2020 are the following non-recurrent burdens that we had to deal with as matter of urgency:
• Fiscal Impact of COVID-19 – GH¢ 19.7 billion;
• Cost of Financial Sector Clean up – GH¢ 21 billion;
• Cost of Excess Capacity Charges paid to IPPs – GH¢ 12 billion;
• The impact of the reduction in growth from an average of 7% (2017-2019) to
0.9% in 2020.
SOURCE : Talkingdrum.com.gh