Sunday, May 28, 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

Covid-19 has passed, we no longer have critical cases – Prez

Covid-19 was not used for corrupt practices – Prez

Bono Region: Boat Disaster claims one life

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

image-349-796x424

Covid-19 has passed, we no longer have critical cases – Prez

May 28, 2023
nana-akufo-addo-1140x570

Covid-19 was not used for corrupt practices – Prez

May 28, 2023
Drowning

Bono Region: Boat Disaster claims one life

May 28, 2023
apaak8 (1)

Quickly pay all outstanding arrears under the capitation grant before any increment just as you told the IMF – MP

May 28, 2023
FREE SHS

Free SHS: Lecturers in our universities complaining about the quality of students entering our varsities – MP

May 28, 2023
Bawumia222 (1)

Replacing textbooks with laptops for SHS students will begin this year – Veep

May 28, 2023

Recent News

image-349-796x424

Covid-19 has passed, we no longer have critical cases – Prez

May 28, 2023
nana-akufo-addo-1140x570

Covid-19 was not used for corrupt practices – Prez

May 28, 2023
Drowning

Bono Region: Boat Disaster claims one life

May 28, 2023
apaak8 (1)

Quickly pay all outstanding arrears under the capitation grant before any increment just as you told the IMF – MP

May 28, 2023
  • Trending
  • Comments
  • Latest

Rainbow Radio expands its platform presence on 92.4Fm in UK

September 5, 2022

Something drastic must be done about prices of property in Ghana-Lawyer

June 14, 2021
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

Hello world!

image-349-796x424

Covid-19 has passed, we no longer have critical cases – Prez

travel4

Washington prepares for Donald Trump’s big moment

travel1

CS:GO ELeague Major pools and tournament schedule announced

image-349-796x424

Covid-19 has passed, we no longer have critical cases – Prez

May 28, 2023
nana-akufo-addo-1140x570

Covid-19 was not used for corrupt practices – Prez

May 28, 2023
Drowning

Bono Region: Boat Disaster claims one life

May 28, 2023
apaak8 (1)

Quickly pay all outstanding arrears under the capitation grant before any increment just as you told the IMF – MP

May 28, 2023

Stay Connected test

  • 123 Followers
  • 20.2k Followers
  • 191k Subscribers
  • 23.8k 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