The NDC minority caucus in parliament is demanding records of Ghana’s public debt stock following the President’s State of the Nation Address on Tuesday.
Minority leader, Haruna Iddrisu said in the Chamber”…today interestingly he’s[Akufo-Addo] silent on our national debt. Four years ago, he said I inherited this debt. What is the state of our national debt?”
The minority leader while moving a motion to second adjournment of sittings after President Akufo-Addo’s State of the Nation Address Tuesday said his side will debate the President’s record and the State of the Nation Address in entirety.
The pandemic response deepened the debt woes of Africa’s top gold producer.
Ghana is running out of fiscal space as its debt-to-GDP ratio reached 71% by Sept. 30, 2020, the highest in nearly four years, following early attempts to cushion the population from the impact of the coronavirus pandemic, according to the BoG.
The ratio grew to its highest since Nov. 2016, as the state-subsidized electricity and power bills, while also providing loans to small businesses, Governor Ernest Addison told journalists after a policy rate announcement in Accra, last year.
“The important point is whether the government will have enough fiscal space to continue providing support in 2021,” Addison said. “We are approaching the limit of what the government can do without trying to mobilize domestic resources.”