Ghana’s public debt-to-GDP ratio has witnessed a substantial decline, dropping to 61.8% in 2024. Apexnewsgh reports
This significant reduction marks a notable improvement from the peak of 80.4% recorded in 2020. According to Dr. Gideon Boako, Member of Parliament for Tano North, this achievement is a direct result of the government’s effective debt management strategy.
The latest debt ratio is not only lower than the 2020 peak but also surpasses the pre-COVID-19 level of 65.7%. This underscores the success of the government’s fiscal policies in restoring debt sustainability. Dr. Boako emphasized that the New Patriotic Party (NPP) government’s strategy has yielded positive results in stabilizing Ghana’s economy.
The reduction in debt has significant implications for Ghana’s financial outlook under the International Monetary Fund (IMF) programme. Dr. Boako expressed optimism that Ghana could achieve the debt sustainability target of 55% ahead of the initial 2028 projection, provided the new government continues to implement the debt management strategy.
However, concerns have been raised about the accuracy of fiscal data under the new administration. Dr. Boako alleged possible manipulation of economic figures by the Minister for Finance to create a misleading narrative about Ghana’s economic state. He urged the government to ensure transparency in financial reporting.
Source: Apexnewsgh.com
