The current trend where 10 per cent of Ghana’s Gross Domestic Product (GDP) is used in servicing the country’s debt should be reconsidered because it is not sustainable, Dr Kwabena Duffuor, a former Minister of Finance and ex-Governor of the Bank of Ghana, has said.
According to him, the country will need to make progress by working hard to improve on the situation where the public debt is being serviced with 10 per cent of its GDP.
Speaking at a stakeholder forum on the prudent use of the Heritage Fund in Accra on Monday February 13, Dr Duffuor said: “On the debt servicing, can we afford to spend over 10 per cent of our GDP to service debt? Is that sustainable? Are we going to think of the need to negotiate with our creditors? It was done years ago. Can we do that and get let’s say 3 or 4 or 5 per cent so we will have breathing space. Can we also begin to look at that?
“Because 10 per cent of our GDP cannot be used to service debt. It is not sustainable. We need to make some progress, we need to grow the economy now and looking at where we are now we will have to begin to look at all these options, it is important.
“Deferring part of the revenue, earmarking, looking at the generational funds, looking at debt servicing and a lot of issues so that for this year we will have some breathing space. Now we can’t breathe and if we have debt to GDP ratio of 74 per cent as of now, are we going to borrow again?”
Source: classfmonline.com
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We said it but the CREATE, LOOT & SHARE ENTERPRISE will not listen
Now the truth has been told by Ho. Kwabena Duffour but not at the right time.When Dr. Bawumia was saying it where were you please, May be if you had come out to support Dr. Bawumia things would not have gotten to this level, But because of reasons best known to yourself you refused to say the truth at the appointed time .Now it has become too late and Ghanaians no longer need it even though you are telling the truth.You have done a disservice to your country .Please polonaise to the good people of Ghana
Believe on the Lord Jesus Christ, and you will saved and your household.(ACTS 16:31)
NOW EVERY ONE HAS MOUTH.
What is WRONG with these EX -officio gangsters and bandits who using their fake qualifications and influence to destroy the economic base of Ghana then suddenly appear on economic platforms attempting to display their intelligence to Ghanaians ; you then ask yourself a simple question ; WHAT WERE THESE KRIMINAL MINDED SO CALLED INTELLECTUALS DOING WHEN THEY WERE IN A POSITION TO CORRECT THE ECONOMIC SITUATION-NOTHING !!!!!!! : this KUMAWU stiller and thiff suddenly comes out lecturing Ghanaians on how the economy should have being managed ; so the question is what was the full and an NDC KROOK doing when he was in charge ; today he has set up a bank and has placed his son in charge after he has stolen monies from GCB in London ; sometime these know it all thiffs of the likes of Kwamena Duffour with a fake doctorate degree should spare us our suffering and stop this hierocracy and lies besides WHAT MAKES IT EVEN WORSE IS WHEN SUCH HALF BAKED LEARNED INDIVVIDUALS CHOOSE TO JOIN THE NDC with the aim to still from Ghanaians
Folks, who gave this man that platform. He might be a good manner of his businesses but as a minister, he was the cause of all our woes. Wayome and Co. Micro finance just bursting off etc. The nation's economy was on auto pilot during that period
That's an excellent question to ask him. Why now? And where was he when the NDC was pilling the debt and Bawumia was warning them? Even when Bawumia said our debt to GDP ratio is 74% the former deputy finance minister, Atu Forson denied it.
Why wait this time,the media must interview ,I think there were interesting things in ndc government.
And u didn't say this when ur NDC was in power? U were part of the team that has led us into this mess