We will reduce Ghana’s debt stock by 2024 – Deputy Minister

A deputy Minister for Finance, John Kumah has assured that the Akufo-Addo administration is committed to reducing Ghana’s debt stock by 2024.

According to him, the Ranking Member on Parliament’s Finance Committee, Dr Cassiel Ato Forson’s claim that the poor state of the economy, which he described as the worst in recent history, is due to mismanagement by the Akufo-Addo-Bawumia government is inaccurate.

Mr Kumah stated that the Covid-19 pandemic contributed massively to the increase in Ghana’s debt rate.

Speaking on Eyewitness News, Mr Kumah stated that Akufo-Addo is committed to the Fiscal Responsibility Act which requires that the country’s fiscal deficit must not go beyond 5%.

“The government of His Excellency Nana Akufo-Addo is committed to the Fiscal Responsibility Act which says that we should not go beyond 5% of our fiscal deficit every fiscal year. So clearly, we are committed to that. The deficit of last year is targeted to come down to 9.5% in 2021, and I believe by 2024 we should be hitting the fiscal responsibility figure of 5% so it is still going to reduce.”

“If by the grace of God we are able to get all the Covid-19 vaccines as we anticipate, and we are able to stay disciplined and follow all protocols, we should see the debt coming down. The Ministry of Finance is committed to fiscal consolidation to ensure that we are disciplined and we stick to the figures of the budget.”

According to Cassiel Ato Forson, the Akufo-Addo government alone is now responsible for 60% of Ghana’s debt stock.

By: Stella Annan | myactiveonline.com Twitter @activetvgh

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