An economist with Institute of Statistical, Social and Economic Research (ISSER), Dr. Charles Ackah says the current state of Ghana's public debt means that every Ghanaian, including new born babies, automatically owes a whopping GHC 5,000.
According to the economist, Ghana’s debt in 2017 rose to GHC 138 billion which represents 68.2% of the country’s gross domestic product (GDP), suggesting that every citizen owes Ghana’s creditors GHC 5,000.
“I’m not saying debt is bad but it needs to be sustainable and we need to reduce borrowing. The total debt stock as it stands now is 330% of total revenue which is not enough to pay our debt” he said.
Dr. Ackah, however, commended the government for achieving an increase in the GDP growth of 7.9% as compared to a 3.7% last year.
“It is interesting to note that the estimated growth for 2017 after one year of the Akufo-Addo government is 7.9% from the 3.7% and that is commendable,” he noted.
“It seems as if that performance was largely driven by a surprising performance by the oil sector, which does not create employment opportunities as the manufacturing and agricultural sector,” he added.
Dr. Ackah was speaking at a one-day public discussion on Nana-Addo’s one year in government organized by CDD-Ghana in Accra.
Source: Ghanaweb.com
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Not everyone owes 5000 cedis so far as I know Woyome n some crook politicians owe more than that.Collecting back all these monies will go a long way in settling some of our debts.
We need someone to rescue us.
Poor analysis and political. Tell us also how much we owed as at 2016 then we know whether we are getting better or worse, please "Ecominist"
So if I decide to pay my debt you said I owe and that of my family say GH5000 each, what impact will it bring to me? Okay after I pay, will Ghana borrow me more like GH 2,000,000 to start a business, build a house and pay back later? Why cant you grant me that much? Since I have settle my debt i have become creditworthy for more just like the way banks will give you more after repaying your loans on time. right!!
Mr economists please in order to do us good, please from Kwame Nkrumah era to this current government,please come out with proper analysis. Stating every government,the amount they borrow and how much they paid during their time.That will make we the electorate make wise decisions in our choice in the election which comes off every 4 years.
WHAT AN EXCELLENT ECONOMIC ANALYSIS. THIS MEANS EVERY GHANAIAN, INCLUDING BABIES, OWE US $1,000. SINCE THERE ARE ABOUT 39,000,000 PEOPLE IN GHANA, INCLUDING BABIES, COULD SOMEONE DONATE ABOUT $40,000,000,000 TO PAY OFF THE DEBTS? THAT WILL TRULY BE THE START OF GHANA'S ECONOMIC EMANCIPATION. DR. B AND PASTOR NAADA, OVER TO YOU. LET THE ECONOMIC MIRACLES, SIGNS AND WONDERS BEGIN. THE BATTLE IS THE LORD'S.
Simplicita!
Intelligent analysis of our debt so far. Now the ordinary Ghanaian can relate to it. "The total debt stock as it stands now is 330% of total revenue which is not enough to pay our debt” he said. This is scary, lets put politics aside and stop this borrowing to refinance our old debts whilst adding new loans to it.