Each Ghanaian Owes Gh�2,800 - Minority

Every Ghanaian including a child delivered today owes Gh�2,800 due to Ghana�s public debt stock which stands at Gh�70 billion from Gh�9.5 bn, according to the Minority in Parliament. The country�s fiscal deficit and current account deficit have all escalated since 2008, the New Patriotic Party (NPP) minority in Parliament said at a press conference Thursday. The Minority Leader Osei Kyei Mensah-Bonsu who addressed the press, said: �The public debt stock is over GH�70billion from GH�9.5billion in December 2008. Even at GH�70billion it means each Ghanaian, including the child delivered as I speak now, owes GH�2,800.��.� He added: �Last year at this time the burden for every Ghanaian was GH�2,000. One year on, the debt per capita has increased by 40%, no thanks to �yentie obi ara� government. �The 2008 debt stock of GH�9.5billion represented 33% of GDP. Today, 6 years into the Mills-Mahama administration the GH�70billion debt stock is almost 7� times or indeed 636% increase in the debt stock. The GH�70billion figure means our debt stock has risen to 60.8% of GDP as at September 2014.� The MP for Suame lamented that Ghana is �over borrowing and astronomically increasing our debt pile up which has crossed the 60% threshold and that should be extremely worrying as it shall, before long, plunge us into the league of countries with high risk of debt distress. �These represent the gory circumstances of our economic fundamentals and if these in the eyes of President Mahama, represent bright medium-term prospects of the economy which must be secured, then we need God Almighty to rescue us.�