The Director of the Institute of Statistical, Social and Economic Research (ISSER), Professor Peter Quartey, has identified Ghana's economic crisis as primarily stemming from budget deficit challenges.

He proposed that managing the country’s debt challenges will require legislative action to cap government borrowing.

He is o the view that the Debt-to-GDP should not be made to cross 60 percent at any point in time.

“Once we solve the deficit problem, then we can look at the existing debt. How do we manage it? Let's put a cap, we legislate it. Don't just say it and leave, legislate so that parliament will have an oversight and monitor and ensure that debt to GDP doesn't exceed sixty percent (60%),” he said.

Prof. Quartey, who was speaking at the inaugural Quarterly Economic Roundtable, which focused on the theme “Restoring Macroeconomic Stability”, and organised by ISSER, also stressed the importance of ensuring value for money in the export of Ghana’s key commodities.

“We also look at some of the indicators—export revenue growth in export revenue—because we pay our debt through our export revenue. So we look at all of that so we minimize the debt and ensure value for money. Don't borrow to consume,” he stated.

He further advocated for borrowing that is self-financing in nature.

“Let's invest so that we will be able to generate additional resources to repay the debts,” Prof. Quartey added.

These remarks were made during the inaugural Quarterly Economic Roundtable, which focused on the theme “Restoring Macroeconomic Stability.”

The event was jointly organized by the Ministry of Finance and the University of Ghana.

The event convened key stakeholders from academia, government, and industry to brainstorm on fostering economic growth and development.