Former Finance Minister, Seth Terkper, has challenged the government to prove its ability to keep its debt levels down by ending the excessive borrowing.
His call comes after the latest report by the IMF and World Bank revealed that Ghana is at high risk of debt distress.
The IMF again in June decided to place Ghana on a Post Program Monitoring after debt levels with the Fund reached a little over $1 billion, months after exiting a three-year programme.
The latest IMF and World Bank classification of Ghana’s debt situation has raised concerns over the government’s ability to pay its debt as many of the measures put in place have failed.
Speaking to Joy Business, Seth Terkper said the government must cut down on the borrowing.
”You can do more. You can show the IMF that with oilfields we are not going to be struggling, we are not going to offset, we are not going to be borrowing. We are going to continue using our sinking fund.
”We need to pay our debt to keep it within sustainable limits,” he urged government.