Ghana's Economy Ghana pays more on interests than total oil revenue for 2014

According to him, interest payment on Ghana’s debt stock in 2014 was four times Ghana’s oil revenue for that year.

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Minority Leader in Parliament, Osei Kyei Mensah Bonsu play

Minority Leader in Parliament, Osei Kyei Mensah Bonsu

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Minority leader in parliament, Osei Kyei Mensah Bonsu has raised more concerns over the country's debt situation.

According to him, interest payment on Ghana’s debt stock in 2014 was four times Ghana’s oil revenue for that year.
He warned government that the country faces massive debt unsustainability if nothing is done to reduce the  country's debt to GDP ratio of 70%

“This is exceedingly worrying as it is tipping the country into the league of nations with a high risk of debt distress,"Osei Kyei Mensah- Bonsu said.

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According to Mensah-Bonsu, the consequence of this characterization is that it will compromise Ghana’s ability to raise further financing from the international finance market.

Worse still, he said this will disable the country from servicing and paying its debt. 

"In 2015, interest payment amounted to more than ¢9.5 billion, which was more than the debt stock in 2008 towards the end of Kufour’s term for which debt stock for which both the late President Mills and President John Mahama lampooned the NPP administration," he said. 

Mensah-Bonsu said this year’s interest payment will amount to ¢10.5 billion, about 24 percent of Ghana’s GDP which will go into debt servicing.

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