The country's public debt would hit a little over 70 percent of the total value of the economy by next year. That's according to a new IMF report on how governments around the world spend and mobilize revenue, dubbed FISCAL MONITOR.

But reporting from Washington D.C. Joy Business’ George Wiafe said the document by the IMF reveals some serious concerns with some economic data the Government of Ghana puts out.

According to the report, Ghana's public debt has even crossed the 60 percent mark as at last month, which many describe as unsustainable or hitting levels that might make it difficult for government to settle these debts on time. 

The report by the IMF indicates that the country's current public debt which is a little over 60 percent  is far higher than the 55 put out by the Bank of Ghana as at June this year, which translated into 58 billion Ghana cedis. 

The Fund is even forecasting that it would hit a little over 71 percent in the next three months. 

Some analysts have argued this means that the country's debt has reached levels that can even be classified as “highly indebted country”. This might force Ghana to take some drastic measures in its rising debts which could bring some untold hardship to Ghanaians as well as economic growth taken a temporary hitch. 

But for some economists, this also raises a lot of  questions about some of the data  put out by government, as most of the time is contradicts what the IMF/WORLD bank is putting out as well as the rating agencies.

Meanwhile, the deputy head of Fiscal Affairs at the IMF, Sanjay Gupta says the development calls for tough measures by government to check Ghana's rising debts.

Listen to Sanjay Gupta