The World Bank Country Director Pierre Frank LaPorte has stated that Ghana’s rising debt levels places it at pre-HIPC levels and must be checked to prevent the figure from escalating further.
According to him, the government’s increased borrowing to pay outstanding debts and not to be re-invested is risky for an emerging economy like Ghana which poses dire consequences.
The Bank of Ghana’s latest Summary of Economic and Financial report, revealed that the public debt as at May this year stood at about GHS200 million – translating into about US$38.8 billion.
Citibusiness news