Sunday, January 29, 2023
Rainbow Radio
  • Home
  • General News
  • Governance
  • Sports
  • Politics
  • Health
  • Entertainment
  • Economy
  • Home
  • General News
  • Governance
  • Sports
  • Politics
  • Health
  • Entertainment
  • Economy
No Result
View All Result
Rainbow Radio Online
Home Business

Our high debt stock caused by Covid-19, banking sector clean-up, payment of excess power-Veep

April 7, 2022

Vice President Dr. Mahamudu Bawumia has attributed Ghana’s current debt stock of 80% Gross Domestic Product (GDP) to the Covid-19 outbreak, the banking sector clean, and payment of excess power.

The Vice President says if not for these three major challenges that confronted the country, Ghana’s debt stock to GDP would have been 68% and not the 80% we have currently seen.

RelatedPosts

Ghanaians expect those who embezzled, dissipated, and misappropriated COVID-19 funds to be prosecuted, don’t clear them – MP to Prez

Preparations to release school placements underway -GES

Police Inspector interdicted for leaving rifle in commercial vehicle

He stated these remarks while addressing TESCON members on Thursday, April 7, 2022, on the state of the economy.

The World Bank had argued that Ghana’s public debt stock as of now exceeded the 80% of Gross Domestic Product (GDP) mark, putting the country in a tighter corner with respect to financing and interest payments.

The Bank of Ghana, in its January 2022 Monetary Policy Report, said the stock of public debt was equivalent to 78.4% of GDP at the end of 2021, compared with 76.1% of GDP at the end of 2020.

The country’s total public debt stock stood at about ¢344.5 billion as of November 2021.

But the Country Director of the World Bank, Pierre Laporte, reacting to the data noted that “The data as we know is close to 80% of GDP. Probably, now as we speak, it might have exceeded.”

Dr. Bawumia reacting to this and other comments by other experts admitted that the debt stock to debt stock was 80% but we’re caused by the Covid-19 outbreak and the banking sector clean-up.

But for the banking sector and the Excess Energy payment the debt would be hovering around 68 per cent instead of the 81 per cent.

“Between 2019 and 2021 Ghana’s debt to GDP increased by 17.6 percentage points of GDP. It should be noted that without the 15.1 billion of the exceptional items – the financial sector and then the energy and Covid Ghana’s debt to GDP would have been about 68 per cent instead of the current 80 per cent,” he declared.

By: Rashid Obodai Provencal/Rainbowradioonline.com

ShareTweetShareShare

Related Posts

a1

Ghanaians expect those who embezzled, dissipated, and misappropriated COVID-19 funds to be prosecuted, don’t clear them – MP to Prez

January 29, 2023
FB_IMG_1674986010636

Preparations to release school placements underway -GES

January 29, 2023
FB_IMG_1674976369497

Police Inspector interdicted for leaving rifle in commercial vehicle

January 29, 2023
Ofori-Atta-1-1

Debt Exchange Programme: Gov’t reaches an agreement with GSIA

January 28, 2023
q11

Four suspected armed robbers arrested in connection with robbery and murder at Wassa Agona

January 28, 2023
dead-2

Kumasi : Police Officer, wife and three-month-old baby who died in fire outbreak laid to rest

January 28, 2023

Recent News

a1

Ghanaians expect those who embezzled, dissipated, and misappropriated COVID-19 funds to be prosecuted, don’t clear them – MP to Prez

January 29, 2023
FB_IMG_1674986010636

Preparations to release school placements underway -GES

January 29, 2023
FB_IMG_1674976369497

Police Inspector interdicted for leaving rifle in commercial vehicle

January 29, 2023
Ofori-Atta-1-1

Debt Exchange Programme: Gov’t reaches an agreement with GSIA

January 28, 2023
  • Trending
  • Comments
  • Latest
qz

The appreciation of the cedi against the dollar will be short-lived so don’t over jubilate – Haruna to gov’t

December 17, 2022
z455

Bui Power Authority calls for partnership to do more on climate change program at COP27

November 22, 2022

Rainbow Radio expands its platform presence on 92.4Fm in UK

September 5, 2022
zz

Family of Asuma Banda calls on Prez, Mahama, Chief Imam to intervene so their brother is sent to Kintampo

December 7, 2022

Hello world!

a1

Ghanaians expect those who embezzled, dissipated, and misappropriated COVID-19 funds to be prosecuted, don’t clear them – MP to Prez

travel4

Washington prepares for Donald Trump’s big moment

travel1

CS:GO ELeague Major pools and tournament schedule announced

a1

Ghanaians expect those who embezzled, dissipated, and misappropriated COVID-19 funds to be prosecuted, don’t clear them – MP to Prez

January 29, 2023
FB_IMG_1674986010636

Preparations to release school placements underway -GES

January 29, 2023
FB_IMG_1674976369497

Police Inspector interdicted for leaving rifle in commercial vehicle

January 29, 2023
Ofori-Atta-1-1

Debt Exchange Programme: Gov’t reaches an agreement with GSIA

January 28, 2023

Stay Connected test

  • 121 Followers
  • 20.2k Followers
  • 185k Subscribers
  • 23.7k Followers
  • 99 Subscribers
Rainbow Radio Online

© 2022 Rainbow Radio International

Navigate Site

  • General News
  • World
  • Sports
  • Business
  • Entertainment
  • Politics
  • Health
  • Opinion
  • Economy
  • Odd News
  • Culture
  • Lifestyle
  • Lifestyle
  • Governance
  • Technology

Follow Us

No Result
View All Result

© 2022 Rainbow Radio International

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Go to mobile version