Finance Minister, Ken Ofori-Atta, has said that the current debt sustainability analysis conducted has revealed that Ghana is now considered to be in high risk of debt distress.
According to him, the sustainability of Ghana’s debt has been continuously affected by the negative impact of exchange rate depreciation, particularly on external debt, as well as the crystallization of significant contingent liabilities in recent years.
“Despite the heightened debt levels, government remains committed to ensuring that debt is brought to sustainable levels over the medium to long-term. To this end, we will implement a debt exchange programme to address the challenges identified in the portfolio in collaboration with all relevant stakeholders including the Ghanaian public, investor community and development partners”, he said.
He further noted that government will continue to strengthen its oversight of all State Owned Enterprises, in particular, financial and energy sectors.
He added that the reforms and discipline at the SoEs will reduce potential fiscal risks from incidence of contingent liabilities.
The Minister continued that in line with government’s objective to restore debt sustainability, concessional loans will continue to be the preferred financing option for projects.
“We, however, recognise that there may be cases where non-concessional borrowing may be required to finance critical transformative projects. Such financing will be determined within limits that are consistent with our debt sustainability programme”.
He added “we will inform this House, at the Mid-Year Fiscal Policy Review, of projects that will be financed within our non-concessional borrowing limits. Accordingly, we will not publish any list of projects to be financed from external non-concessional loans in this budget, previously titled ‘Appendix 10C’”.
- Paa Kwesi Schandorf: 5 things Otto Addo must fix after our game with South Korea
- Ashanti NSS boss insults nurse for correcting his daughter’s wrong medical prescription
- MTN Ghana to deactivate over 5.7 million subscribers SIM cards
- Government still wasteful but imposes austerity on Ghanaians – Joe Jackson
- Fire destroys shops at Kantamanto market
- That is not my style – Ashanti Regional NSS boss apologises for insulting nurses
- Fentuo Tahiru Fentuo: The day Kudus shone, in Jordan’s shadow
- Ex-Black Stars midfielder Sulley Muntari retires, age 38
- ‘Mr and Mrs Adeleke’: Fans gush over photos of Chioma with Davido and her in-laws during 1st public appearance
- World Bank concerned about Ghana becoming more reliant on natural resource extraction
- 2022 World Cup: Koulibaly powers Senegal to last 16 after win over Ecuador
- NSS summons Ashanti boss for investigation
- Play Soccer Ghana commemorates Global Peace Games 2022
- State Prosecutors call Manasseh Azure Awuni as first witness in trial of former PPA boss
- Why NGOs should embrace digitisation of payments and collections
- Amassing wealth as a politician is wickedness – Executive Director of CNIR
- Qatar 2022: You risk going to jail if you resell match tickets – Sports Minister warns Ghana supporters
- Kantamanto market fire: we need stakeholder engagement to provide affordable microinsurance – Insurance Brokers Association
- South Sudan urged to prosecute top officials linked to rape
- Sack Ashanti Region NSS boss; he is unfit to be director in public service – GRNMA tells government
- Cardinal Baawobr was a champion for the poor – Wa Catholic Diocese
- Removal of e-levy threshold inappropriate – IEA
- NHIS records highest active membership in Northern Region
- 2023 Budget debate must not proceed until Finance Minister is present – Dr Forson
- Kantamanto Market: Heartbreak as fire consumes goods, stalls