Minority MPs want Ofori Atta summoned over Ghana’s debt stock

Ken Ofori-Atta, Finance Minister

Some minority Members of Parliament want the Finance Minister, Ken Ofori-Atta summoned to provide the true state of the country’s debt stock.

According to NDC MP for Ho Central, Benjamin Kpodo, failure to capture debts such as the ones incurred from the collapse of Capital and UT Banks, indicate that government has not accurately reported to the people of Ghana about the country’s debt situation.

Contributing to the debate on the State of the Nation Address in Parliament, the Ho Central MP called on the Finance Minister to come clean.

“With these controversies over the figures, I would want to challenge the Minister of Finance to come to this House and give us a list or a schedule for outstanding liabilities; both domestic and foreign so we put this matter to rest. Mr. Speaker, I am currently asking you to rule on this matter,” said the MP.

Ghana’s debt stock hits 137.2 billion

Figures released by the Bank of Ghana (BoG) in January 2018, had shown that the country’s total debt stock had hit GH¢138.8 billion cedis as of November 2017, representing 68.7 percent of the country’s Gross Domestic Product (GDP).

It showed a marginal decrease from September’s figure of 138.9 billion cedis compared to November’s figure of 138.8 billion cedis.

The figures, however showed that the debt stock decreased in October to 137.6 billion cedis before going up to 138.8 billion cedis in November.

The external component of Ghana’s debt also stood at 16.9 billion dollars, equivalent to 74.7 billion cedis, while the domestic component of the debt is at 64.2 billion cedis.

Government had indicated through its issuance calendar that it will borrow 11 billion cedis in the first quarter of 2018.

By: Duke Mensah Opoku/