Ghana’s Finance Minister, Cassiel Ato Forson, has disclosed that currently, Ghana has drastically reduced the proportion of its revenue used for debt servicing.
According to him, unlike previously when the country used 50% of its revenue to service debt, that has reduced.
He said in the past, after servicing the country’s debt, less money was left for schools, hospitals, roads and other essential infrastructure.
However, that is not the case now, disclosing that now, less than 20% of the country’s revenue is used for debt servicing.
Making this known in a social media post Saturday, the Minister said, “In the past, Ghana spent over 50 percent of its national revenue on servicing debt.
This left less money for schools, hospitals, roads and other essential infrastructure.
Today, I am proud to say that we have made significant progress. We now spend less than 20 percent of our revenue on servicing debt”.
