Theres something fishy goin on with our debt ratio. The attempt to clarify the situation, which has been interpreted by many government officials as an exoneration of government and the Bank of Ghana, has rather deepened the mystery over the true state of Ghana’s data as the IMF interestingly totally ignored the 2014 figures provided by the Bank of Ghana and rather chose to stick to the 2013 figures to do the damage control it sought to do, despite it being the norm that the latest available data is always used by the International Monetary Fund. It should be noted that the end of year 2013 debt to GDP ratio of 55.5% is not much in doubt. The real issue is about the 2014 data of the Ghana Statistical Service and the Bank of Ghana vis a vis what the IMF found out and believes after its recent visit to Ghana on the Bailout talks. It would be recalled that the Bank of Ghana just last month, at its last MPC meeting stated emphatically that Ghana’s Debt to GDP ratio had declined from 55.5% in December 2013 to 55.4% as at June 2014 despite the Bank of Ghana’s own admission that the debt stock had increased by an amazing GHC11.5billion in the first six months of this year, representing a 22% increase in the total debt stock since the end of 2013.
Posted on: Mon, 13 Oct 2014 08:57:58 +0000
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