Minority in Parliament<\/figcaption><\/figure>\nHe observed that the stock of public debt has risen dramatically to GH\u00a270 billion representing 60.8% of GDP as at September 2014 adding that \u201cthis is an increase in the debt stock by GH\u00a260.5 billion… This also represent an increase in the debt stock by 636% over a six year period, an average increase in the debt stock by 106.14% every year under the NDC regime.\u201d<\/p>\n
\u201cGhana is clearly on the way back to the unsustainable debt level that pushed the country to HIPC. If the current borrowing binge \u00a0continuous it will only be a matter of time before the international rating agencies will classify Ghana as a country with high risk of debt distress,” he noted.<\/p>\n
According to Osei Kyei Mensah Bonsu, “The consequences of this classification would compromise Ghana\u2019s ability to raise further financing from the international capital market and worst still disable the country from servicing and paying our debts.\u201d<\/p>\n
Meanwhile, the Minister of Finance during his presentation of the budget statement to Parliament in November 2014 described it as one that will turn Ghana’s fortunes around<\/strong><\/a><\/span>.<\/p>\n–<\/p>\n
By: Godwin Allotey Akweiteh\/citifmonline.com\/Ghana<\/p>\n