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Ghana has taken on more debts in the past three-and-a-half years than it had done in 59 years

Ghana has taken on more debts in the past three-and-a-half years than it had done in 59 years. The spike in borrowings in recent times has caused the national debt stock to hit a grim milestone of GH¢258.4 billion in June 2020 – more than double (111.8 per cent) of the national debt stock as of December 2016 (GH¢122 billion).

Combined with other fiscal slippages, the increased borrowing has boxed the country into a stuffy corner that now requires that more than three quarters of total revenue and grants are used to service the interest and pay down the principals.

Despite Prez Akufo-Addo's vociferous public opposition to debt in opposition, he has added more in just three and half years than was added in 59 years.

Aug. 25, 2020

References:

• https://www.graphic.com.gh/business/business-news/economy-entrapped-in-debts-debt-stock-more-than-doubles-in-3-5yrs-over-70-of-revenue-grants-used-to-service-debt.html
• https://www.ghanaweb.com/GhanaHomePage/business/Akufo-Addo-has-almost-doubled-public-debt-in-3-years-Ato-Forson-955093
• https://www.myjoyonline.com/business/economy/ghanas-debt-stock-hits-%C2%A2236-1b-ending-march-2020/
• https://www.ghanabusinessnews.com/2020/08/24/ghana-adds-gh%C2%A2136b-to-public-debt-within-four-years-as-figure-rises-to-gh%C2%A2258b/
• https://citinewsroom.com/2020/02/akufo-addo-adding-ghs3bn-to-ghanas-debt-stock-monthly-adongo/
• https://www.ghanaweb.com/GhanaHomePage/NewsArchive/Akufo-Addo-government-has-recklessly-borrowed-GHC50bn-in-2-years-CDG-GH-report-702755
• https://www.ghanaweb.com/GhanaHomePage/NewsArchive/Here-is-how-much-Akufo-Addo-gov-t-borrowed-in-3-years-843157