He explained that fiscal adjustments to save lives and livelihoods during the COVID-19 pandemic have elevated global debt levels and the situation in Ghana is no different.
The Minister of Finance Ken Ofori-Atta has announced that Ghana's total public debt stock has increased to GH¢341.76 billion, equivalent to 77.5% of Gross Domestic Product (GDP).
Finance Minister, Ken Ofori-Atta
Recommended articles
Presenting the 2022 budget statement and economic policy to Ghanaians in Parliament on Wednesday, November 17, 2021, Ken Ofori-Atta said "The provisional nominal debt stock including financial sector bailout costs and energy sector IPPs payments, stood at GH¢341.76 billion, equivalent to 77.5% of GDP as at end-September 2021, up slightly from GH¢291.63 billion, equivalent to 76.1 percent in December 2020."
He stated that notwithstanding the elevated fiscal deficit and public debt levels recorded due to COVID-19, the macro-fiscal indicators are much better than what the government inherited in 2017.
"Fiscal deficit reduced from 6.5 percent of GDP at the end of 2016 to 4.8 percent of GDP at the end of 2019.
ADVERTISEMENT
"Primary balance improved from a deficit of reduced from 1.1 percent of GDP at the end of 2016 to a primary surplus of 0.8 percent of GDP at the end of 2019; GDP grew from 3.4 percent at the end of 2016 to 6.5 percent at the end of 2019," he added.
