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Ghana’s Debt Stock Gov’t hasn’t borrowed money – Yaw Osafo Maafo

The Senior Minister, Yaw Osafo Maafo said the government has only been involved in re-profiling of debt which will rather extend the repayment period of loans taken by previous administrations.

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The Nana Akufo-Addo government has not borrowed money since it came to power.

This is according to the Senior Minister, Yaw Osafo Maafo.

Speaking to Accra-based Citi FM, he said the government has only been involved in re-profiling of debt which will rather extend the repayment period of loans taken by previous administrations.

READ ALSO: Finance Minister to present midyear budget review today

“So far, this government has not been involved in borrowing; rather what it has been involved heavily in is debt re-profiling meaning that you are looking at your repayment period and you are asking other people to take some part of the debt and give you a longer repayment term.”

“Instead of paying something in one year, you get the option to pay within ten years. This helps to get a moratorium to reduce the debt service which is a major toll on the country’s resources and fiscal appearance,” he added.

Some Ghanaians especially members of the opposition National Democratic Congress have accused the government of repeating the very issues it raised against them when they were in power.

READ ALSO: Gov’t to export 2.5bn tons of starch

The then running mate of the Nana Akufo-Addo criticised the sitting government at the time for increasing the debt burden of Ghanaians.

But Osafo Maafo said the length of time secured for borrowing, rather extends the maturity periods for the country’s debt.

According to the Bank of Ghana, the country’s debt stock stood at 137.2 billion cedis as at May 2017.

This also represents 67.5% of Ghana’s debt to GDP ratio.

READ ALSO: NLA to formalise ‘Banker to Banker’ operators

Meanwhile, the government of Ghana is looking forward to raising 17.4 billion cedis in the third quarter of 2017 from the securities market.

Of this, the government on Friday (July 28, 2017) raised 1.49 billion cedis from a 5-year bond it issued.

A 2.6 billion cedi fifteen-year bond will be issued in August. Two five year bonds will also be issued, one to be issued in July and the other in August.

Two 3 year bonds, three 1 year and two 2 year bonds will also be issued.

The rest will be 91 and 182-day bills which will yield about 11 billion cedis.

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