Former Finance Minister Dr Kwabena Duffuor has said the current debt situation in the country is frightening.
He recounted that when he was leaving the Finance Ministry as the sector Minister after being appointed by the late Professor John Evans Atta Mills, the debt was GHS35 billion.
However, it is currently GHS600 billion.
Addressing delegates of the NDC as part of his campaign to be elected flagbearer of the NDC, the former Governor of the Bank of Ghana said “Ghana’s debt is currently about GHS600 billion when I was leaving the Finance Ministry it was only GHS35billion.”
“This is frightening,” he added
He further stated that “When it comes to the economy, actions speak louder than words. My record speaks for itself and it is clear that I have the experience and vision to fix the economy within two years.
“With my leadership, we will create jobs, stabilize the economy, and ensure that our country’s development is on the right track. Inflation will drop further to below 9 per cent, within 31 months. Let’s work together towards a better future for all Ghanaians.”
When it comes to the economy, actions speak louder than words. My record speaks for itself and it is clear that I have the experience and vision to fix the economy within two years. With my leadership, we will create jobs, stabilize the economy, and ensure that our country's… pic.twitter.com/vNzAh8Lz5I
— Dr. Kwabena Duffuor (@DrDuffuor) April 13, 2023
Source: 3news.com
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This is preposterous! Most of our debts are in US dollars. Once the dollar is strengthen of course in current times by deliberate measures by the US treasury, they cut their interst rates and the dollar globally gain some strength. Obviously our local currency depreciated to it up to $1: ¢15. Without accounting for any new loans or borrowing, the debt level will automatically go up because of the FX changes. Again, the loans borrowed had gone into infrastructure (roads, bridges, schools, health facilities, agric subsidies, and more importantly salaries) Let's use data appropriately, devoid of mischief. Chairman knows this i can't understand why this will come from him
Don’t bring yourself! You and your family took three Billion US dollars (USD$3,000,000,000.00 ) of depositors cash and the government had to pay for it. Shame on you old man !
too simplistic. how much was the debt at the time you became a finance minister and how much did it become when you were leaving office. let us know the percentage increase of that too then we can talk NDC.
What development did you show for that? How much of that did you funnel to your bank?