A chartered Banker and an Economist Mr. Prince Obiri Yeboah has blamed the rising Ghana’s total public debt stock of GH¢575.7 billion as the cause of bad leadership both in the past and present administrations.
Speaking on Plan B FM morning show NKOSUONSEM on 31st January 2023, Mr. Obiri Yeboah said 20 years down the line that Ghana went to HIPC through IMF all because the country was broke and our debt was canceled and we were benefited so how come the country is still in the same mess if not of bad leadership the country has had continuously? He asked.
“This bad leadership is not only about politicians but rather Christians, Muslims, and traditionalists must have the courage, to tell the truth when things are not going as expected from our leaders”
He suggested the government must abolish some allowances for public servants that seem to be draining the country and as the nation is struggling with the Debt Exchange Programm all the article 71 beneficiaries should also be pushed to 2037 because they can’t also sit aloof as the country is struggling.
The new debt figure brings Ghana’s debt to Gross Domestic Product (GDP) ratio to 93.5% from 75.9% in September 2022.
The Bank of Ghana’s January 2023 economic and financial data summary revealed that the debt stock increased by GH¢108.3 billion between September and November 2021.
The external component of the country’s public debt shot up to GH¢382.7 billion in November 2022, equivalent to 62.1% of GDP.
This was from GH¢271.7 billion in September 2022.
The Government of Ghana is currently facing serious liquidity challenges and is unable to service its debts.
In a bid to give it some rest bite, the government announced a domestic debt excprogramgramme last year and said that an external restructuring was being negotiated with creditors. The IMF has said a comprehensive debt restructuring is a condition of its support.
The country has been struggling to refinance its debt since the start of 2022 after downgrades by multiple credit rating agencies on concerns it would not be able to issue new Eurobonds.
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