Wednesday, October 9, 2013

Ghana’s Public Debt Is Fourth Highest In Africa – World Bank

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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