The Director of Business Operations for Dalex Finance, Joe Jackson, says Ghana\u2019s debt could be much higher than what the Bank of Ghana (BoG) announced.<\/p>\n\n\n\n
The BoG on January 30, 2023, said Ghana\u2019s total public debt stock shot up to GH\u00a2575.7 billion<\/strong> at the end of November 2022.<\/p>\n\n\n\n The new debt figure brings Ghana\u2019s debt to Gross Domestic Product (GDP) ratio to 93.5% from 75.9% in September 2022.<\/p>\n\n\n\n Speaking in an interview with Umaru Sanda Amadu on the Eyewitness News<\/strong>,monitored by NSEMGH<\/strong>, Mr. Jackson said, \u201cThis figure means we owe a whole lot of money. If we take all the money generated in Ghana in one year by all of us, from the President to the lowest member of the public, all the money in this country, every little bit, what we owe is 93.5% of that. The debt we are ultimately liable for could be much higher than this\u201d.<\/p>\n\n\n\n \u201cWe are indebted, we are in this country, when government borrows, it takes it to Parliament and our representatives in Parliament give their assent. Once that happens, you and I have borrowed the money. And no Ghanaian can exclude himself from this process. It\u2019s sovereign debt, it\u2019s debt owed by Ghana and Ghanaians,\u201d he noted.<\/p>\n\n\n\n The Director of Business Operations for Dalex Finance said the debt servicing could take all the tax revenue generated by government.<\/p>\n\n\n\n \u201cWhat scares me was a simple statement by the Minister of Finance, [Ken Ofori-Atta] at the launch of the domestic exchange programme some weeks ago. What he said was that, servicing the debt or paying the interest on Ghana\u2019s debt takes up 70% of Ghana\u2019s revenue\u2013sometimes as high as 100% of all the tax revenue that the government makes goes into debt servicing. That should scare you more than how much we owe in total,\u201d he stated.<\/p>\n\n\n\n He laments the interest Ghana pays on its debt as compared to other countries with higher GDP.<\/p>\n\n\n\n \u201cTo be honest with you, there are countries whose GDP are higher than Ghana, but they spend a paltry 10%, 15% of all their income servicing their debt. We are now doing 70% and sometimes as high as 100%. When you pay and pay your interest, kaput, anything else you do, you have to borrow,\u201d Mr. Jackson cited.<\/p>\n\n\n\n source:citinews<\/p>\n","protected":false},"excerpt":{"rendered":" The Director of Business Operations for Dalex Finance, Joe Jackson, says Ghana\u2019s debt could be much higher than what the Bank of Ghana (BoG) announced. The BoG on January 30, 2023, said Ghana\u2019s total public debt stock shot up to GH\u00a2575.7 billion at the end of November 2022. The new debt figure brings Ghana\u2019s debt […]<\/p>\n","protected":false},"author":8,"featured_media":29426,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_post_source_name":"","_post_source_url":"","footnotes":""},"categories":[61],"tags":[7358,5039,10957,11511,8712,6725,12354,6305,1237,192,4521,106,12502,2264,11493,7356,6780,483,5612,67,1153,11973,1198,3805,8383,11259,6327,1502,9471,6348],"class_list":["post-29425","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-bank","tag-bank-of-ghana-bog","tag-bog","tag-citinews","tag-dalex-finance","tag-debt","tag-finance","tag-forex","tag-gdp","tag-ghana","tag-ghanaian","tag-ghanaian-public-debt","tag-ghanaians","tag-government","tag-interview","tag-jackson","tag-joe-jackson","tag-ken-ofori-atta","tag-money","tag-nsemgh","tag-ofori-atta","tag-one","tag-parliament","tag-president","tag-revenue","tag-shot","tag-stock","tag-tax","tag-umaru-sanda-amadu","tag-us"],"blocksy_meta":[],"_links":{"self":[{"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/posts\/29425","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/comments?post=29425"}],"version-history":[{"count":0,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/posts\/29425\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/media\/29426"}],"wp:attachment":[{"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/media?parent=29425"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/categories?post=29425"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.nsemgh.com\/api-json\/wp\/v2\/tags?post=29425"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}