President Nana Akufo-Addo has indicated that Ghana’s debt stock has improved remarkably within his first year in office.
He told journalists at the Flagstaff House on Wednesday, 17 January that: “The debt situation has improved with the annual average rate of debt accumulation of 36% in recent years declining to about 13.6% as of September 2017. As a result, the public debt stock as a ratio of GDP is 68.3% against the annual target of 71% for 2017 and end-2016 actual figure of 73.1%”.
He also added that Ghana’s economy increased to an estimated 7.9% in 2017.
His comments are a repeat of what Dr Mahamudu Bawumia said at the Conference in Accra.
Vice President Bawumia said the future looks bright, despite inheriting a gloomy economy.
“The arrears validated as outstanding at the end of 2016 was GH¢3.1 billion, Weakening of the Banking system, Cancellation of teacher and nursing training allowances, Return to cash and Carry under NHIS, freeze on the hiring of Extension Officers in agriculture, High and pervasive taxes, and Corruption,” Dr Bawumia said.
Against this background, the Vice President said the President fulfilled key campaign promises including Free SHS, lowering of taxes, restoration of teacher and nurse training allowances, NHIS resuscitation, and creating jobs among others.
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