Ghana’s total debt stock hits GHS291.6billion

The 2021 budget statement presented by Minister for Parliamentary Affairs and caretaker Minister for Finance, Osei Kyei-Mensah-Bonsu has pegged Ghana’s fiscal deficit at 13.7 per cent of Gross Domestic Product (GDP).

This deficit, according to the budget, includes the cost of the financial sector cleanup up.

“The fiscal deficit including the financial sector cost for 2020 is 13 .7 per cent of GDP,” the budget said adding that “it was financed from both domestic and external sources.”

Regarding Ghana’s debt stock, the budget said the total debt rose from 122billion in 2019 to 291.6billion as at the end of December 2020.

The debt includes the cost of the financial sector cleanup, the majority leader added.

Mr Kyei-Mensah-Bonsu further assured Ghanaians that there is no cause for alarm in the face of the coronavirus crisis, which hit the country in March, 2020.

He said the measures taken by government so far makes Ghana better positioned to recover economically from the pandemic.

“Government succeeded in protecting virtually all jobs and incomes in public sector. For the people of Ghana have witnessed since the coronavirus pandemic ahead of the rest of the world, a leadership that is responsible, creative, courageous, decisive and above all very caring.”

He said the policies such as the Coronavirus Alleviation Programme (CAP) have seen major results recorded “that have made it easier for people to cope with this unprecedented crisis”.

For him, the measures taken were to save lives, protect livelihoods and safeguard economic activities and they did just that.

“Mr Speaker, today Ghana is better positioned to recover and rebuild an even more resilient economy. Nobody says we know how to do it but also because the grace of God has been assured for this journey.”

In another development, the Majority Leader added that the government is ready to steer the affairs of the country in a way that will make the economy more resilient.

He said although the outbreak of the COVID-19 derailed many of the country’s plans, the government has undertaken a number of activities that have ensured that the country can now quickly recover.

“Mr. Speaker, pursuing the GHS100 billion Ghana CARES Obaatan pa programme allows us to address the challenges and also seize the opportunities created by COVID-19 for socio-economic transformation. This programme will foster closer collaboration with the private sector, labour, faith-based organizations and development partners to complement efforts in the revitalization and growth agenda,” he said.