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    What Is The State Of Public Debt? Minority Leader Asks Akufo-Addo


    File Photo: Minority Leader Haruna Iddrisu (left) and President Nana Akufo-Addo (right)

     

    Minority Leader, Haruna Iddrisu, has asked President Nana Akufo-Addo, to tell Ghanaians the state of Ghana’s public debt stock.

    Mr. Iddrisu posed the question to the President after his (Akufo-Addo’s) presentation of the State of the Nation Address (SONA) in Parliament House on Tuesday, March 9, 2021.

    The Minority Leader recounted that four years, during the President’s first SONA, he was quick to mention the amount of public debt he inherited from the then John Mahama’s Government.

    However, he said as Mr. Akufo-Addo delivered the SONA for his second and final term of office, he failed to state the current level of public debt apparently because the debt has ballooned beyond expectation even though while in opposition, Mr. Akufo-Addo chastised the Mahama’s administration for borrowing.

    He said “the President was conspicuously silent on the public debt.”

    According Mr. Iddrisu, current public debt was around Ghc 298, representing 78% of Gross Domestic Product (GDP).

    Job loses

    The Minority Leader also complained that the President failed to give details on those who have lost their jobs due to coronavirus.

    Public Debt Insight

    Ghana’s public debt stock reachef GH¢ 218 billion in December 2019, Bank of Ghana revealed.

    That was about 63% of Gross Domestic Product.

    Out of that, external debt constituted GH¢112.5 (US$20.3 billion). This represented 32.5% of GDP.

    GH¢105.5 was borrowed from the domestic market, representing 30.5% of GDP. External debt was GH¢7 billion more than domestic debt.

    In December 2016, Ghana’s debt was GH¢122, representing about 62% of GDP.

    ‘We Expect GDP Growth To Rebound Strongly In 2021’

    Meanwhile, in his address, the President said Government was expecting the Gross Domestic Product (GDP) growth of Ghana to rebound strongly in 2021.

    He said government was expecting a rebound in the growth rate to nearly 5%.

    The 5%, he noted, was above the International Monetary Fund (IMF’s) January 2021 projection of 3.2% growth for Sub-Saharan Africa for 2021.

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