GHANA sinking in debts.
Ghana’s total debt stock has increased by GHc5 billion more, between May and June 2015. According to figures from the Bank of Ghana, the country’s total debt stock now stands at GHc94.5 billion, representing 70.9% of Gross Domestic Product (GDP). This was contained in the BoG’s summary of economic and financial data for September 2015. The International Monetary Fund (IMF) report after reviewing Ghana’s performance under the Extended Credit Facility program said, Ghana’s total public debt now exceeds pre-HIPC levels. The IMF is projecting that Ghana will end the year 2015 with a 75% debt-to-GDP ratio. Ghana’s total public debt in the first half of the year has increased consistently by about GHc15.1 billion, growing from GHc79.4 billion in January, to GHc94.5 billion in June. Meanwhile government has sought to assure that the rate at which it is borrowing, will not harm the country, and that, it is engaging in what it described as “smart borrowing.” In May, the countr...