Of the amount, GH¢8,961.30 million will be used to roll over maturities.

The remaining GH¢2,164.61 million will be used to meet Government’s financing requirements for the period.

A statement issued by the Debt Management Office of the Ministry of Finance, stated that about 5 billion cedis in 91 day treasury bills will be issued in January, February and March, while a total of 1.8 billion cedis in 182 day treasury bills will also be issued through the period as well.

Meanwhile, 1 year and 2 year notes  amounting to about 2.5 billion cedis will also be auctioned.

A three-year 600 million cedi and 5-year 1 billion cedi bond, will be auctioned in March and February respectively.

This year’s figure is much lower than the figure raised by Government in the same period last year.

In the first quarter of 2017, Government announced it will raise 17,400.00 million cedis through bonds and treasury bills and other government securities.

The cash was to be used to roll over forecast maturities, meet Government’s financing requirements and build buffers for liability management.

Economists  say the reduction in this year’s figure reinforces Government’s move to reduce the country’s debt stock.

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By Vivian Kai Lokko/citibusinessnews.com/Ghana

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According Adongo, a Member of Parliament’s Finance Committee, the governing party has increased the country’s debt stock by GHc15 billion within a period of five months.

“We are told that we are re-profiling out debt and our debt will not go up. The reality is that only in the first quarter of the year, we added 5 billion to our public debt. By May in five months we increased it to 15billion. That means in April we increased it by 5 billion and in May we increased it by another 5 billion. That tells you that we are growing our public debt by an average of 3 billion a month over five months,” he added.

[contextly_sidebar id=”Czwp7AdpKkIHe2yLe9aEZ2ljC5uDRfki”]The MP made the statement on the Floor of Parliament after the Minister of Finance; Ken Ofori-Atta presented the mid-year budget review in Parliament on Monday.

Economy is on life support

Mr. Adongo further chastised the NPP for taking credit for some gains made in Ghana’s economy saying the NDC administration must be commended for laying the foundation.

“It is only under this government that you bring a budget that is approved on 31^st of March and by 1^st of April you take credit for January, February and March. But what is the reality? The reality is very simple. Figures released by the Ghana Statistical service indicate that as at June, Ghana’s economy minus oil and gas grew by 3.9%. in the same period last year without oil, John Dramani Mahama’s government was 6.3%. Now we are being told that when you move 6.3% to 3.9% that is a growth of the economy.”

“Gross international reserves means nothing if you don’t compare the depreciation of the cedi, in the same period last year our cedi depreciated by 0.04% now it did 2.5%. So when you depreciate your cedi by 2.5% it is better than 0.04% where did you get that analysis from? At the end of the day you are taking credit when you are yet to be on the feet. Mr. Speaker this economy is under life support and any attempt to do propaganda with the economy will expose us,” he argued.

Debt stock hits GHc137 billion

New figures from the Bank of Ghana (BoG) show that the country’s total public debt hit GHS137.2 billion as at May 2017.

This was contained in the economic and financial data released by the central bank at the end of its Monetary Policy Committee meeting.

According to the report, the debt stock increased by GHc9.4 billion in three months from GHc127.8 billion to GHc137.2 billion.

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By: Godwin Akweiteh Allotey/citifmonline.com/Ghana
Follow @AlloteyGodwin

The post NPP increased debt stock by GHc3bn every month – NDC MP appeared first on Citi 97.3 FM - Relevant Radio. Always.