Ghana’s public debt has surged by more than GH¢70 billion in just three months, highlighting persistent structural weaknesses in the economy, according to Member of Parliament for Ofoase Ayirebi, Kojo Oppong Nkrumah.
Speaking on Newsnite on Joy FM, Oppong Nkrumah said, “You recall that we cautioned the government against celebrating temporary movements in headline numbers while ignoring the structural weaknesses that are still underneath the economy.”
He emphasized that fiscal and monetary conditions have not significantly improved. “But nothing significantly had changed both on the fiscal or on the monetary side,” he stated.
The MP pointed out that while there was a small depreciation of the cedi in three months, the debt stock climbed again by about GH¢70 billion.
“Just a small depreciation in three months and the debt stock has gone back up by about GH¢70 billion because the structure and the fundamentals have not changed,” he explained.
He further noted that roughly GH¢50 billion of the increase is linked to currency movements.
“Even if you account for those two, you still have about a GH¢50 billion change in our debt stock, which is mostly because of the currency,” Oppong Nkrumah added.
