Ghana ranked 4th country in Africa with highest public debt
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Ghana has been ranked as the fourth country in Africa which has the highest public debt in relation the total value of the economy.
Ghana was ranked fourth after countries like: Cape Verde, The Gambia, and São Tomé and Principe.
The Africa Pulse Report by the World Bank tracks the economic growth of various countries. According to figures from the Bank of Ghana, Ghana’s debt as at August this year stood at almost 44 billion Ghana.
This is about a half of the country which is valued 85 billion Ghana cedis. Speaking to journalists in Accra from Washington, lead economist, for the bank says current situation can be attributed to an excessive spending during the elections last year.
The report is also worried that Ghana’s earnings from its traditional exports could be declining sharply. Ghana must also look at alternate sources to fund its budget, it recommended.
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ABOUT: Nana Kwesi Coomson
[email protected] An Entrepreneur, Corporate Social Responsibility, Corporate Communications Executive and Philanthropist. Editor-in-Chief of www.233times.com. A Senior Journalist with Ghanaian Chronicle Newspaper. An alumnus of Adisadel College where he read General Arts. His first degree is in Bachelor of Arts - Political Science (major) and History (minor) from the University of Ghana. He holds MSc in Corporate Social Responsibility (CSR) and Energy with Public Relations (PR) from the Robert Gordon University in the United Kingdom. He is a 2018 Mandela Washington Fellow who studied at Clark Atlanta University in USA on the Business and Entrepreneurship track.
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