Pulse.com.gh logo

Ghana's Economy Debt accumulation rate decreases for first time in a decade

Government, since 2015 adopted the book-building method  of borrowing, which ensures that government combines both local and foreign sources.

  • Published:

Ghana’s debt accumulation rate has reduced for the first time in  over a decade, according to Finance Minister Seth Terkper.

In his delivery of the Mid-year Budget Review in parliament, Seth Terkper said government’s decision to consolidate expenditure by cutting social spending on subsidies has began to pay dividends.

Government, since 2015 adopted the book-building method  of borrowing, which ensures that government combines both local and foreign sources.

READ MORE:Ghana IMF Bailout Ghana may lose fourth tranche of IMF revenue

“This has ensured that for the first time in a decade, our debt accumulation rate has reduced. We have placed more emphasis on  lending from the local market, thereby reducing  our interest expenditure and the  pressures from the foreign exchange performance”, Mr. Terkper told parliament.

The Minister, who did not give the exact rate of increase,  said government’s renewed resolve to keep consolidating expenditure will continue to suppress debt accumulation rates. However, government’s total public debt stands at about GHC110 billion.

Seth Terkper went to parliament to re-align the 2016 budget with changes in revenue expectations and expenditure.

International fuel prices continued their slump in the first half of 2016, from a projected 52 dollars a barrel, to as low as 28 dollars per barrel. This according to the finance minister, calls for sharp revenue realignments.

Do you ever witness news or have a story that should be featured on Pulse Ghana?
Submit your stories, pictures and videos to us now via WhatsApp: +233507713497, Social Media @pulseghana: #PulseEyewitness & DM or Email: eyewitness@pulse.com.gh.

Recommended Articles

Recommended Videos

Top Articles

1 Nana Appiah Mensah Social media ‘exposes’ NAM1 for fake Menzgold UK launchbullet
2 Investment banks in Ghana Top 5 investment banks in Ghana and why you...bullet
3 Accra Shops GAME store finally arrives at West Hills Mallbullet
4 Ponzi schemes in Ghana These investments are Ponzi schemes in...bullet
5 Salaries In 2018 Here are the dates public workers will be paid...bullet
6 Banking In Ghana Ghanaian bank staff want to quit over...bullet
7 Ghana-Chinese Relations 6 reasons why the StarTimes deal is...bullet
8 How to create a verified PayPal account Learn how to...bullet
9 How to create an NGO in Ghana How to register and start...bullet
10 Nana Appiah Mensah Menzgold to open a new branch in Spainbullet

Top Videos

1 Selorm Adadevoh MTN CEO dances Agbadzabullet
2 Plane Crash Starbow suspends operations following plane crashbullet
3 Forbes 2018 Africa's billionaires rich listbullet
4 Former Capital Bank staff grills pork for survivalbullet
5 New Discovery Ghana discovers new mineral, lithium in commercial...bullet
6 Bozoma Saint John 10 quotes from Uber top official, Bozoma,...bullet
7 Support Finance minister buys Kantanka carbullet
8 Money Alert Meet Africa's richest womanbullet
9 Dr Joseph Siaw Agyepong Nobody can collapse my company –...bullet
10 New Phone Nokia’s MWC 2018 event in 7 minutesbullet