Data from the Bank of Ghana indicates that Ghana’s debts at the end of the first quarter stood at 304 billion Cedis.
The Governor of the Central Bank, Dr. Ernest Addison made the revelation during the annual Monetary Policy Committee Meeting. He stated that the total revenue and grants in the first quarter constituted to 12.8 billion Cedis against a projected figure of 15.8 billion Cedis. While the total expenditure, clearance and areas amounted to 24.3 billion Cedis.
The Central Bank however reduced the monetary policy rate. The policy rate was reduced from 14.5 to 13.5 percent.
The Governor subsequently disclosed that the provisional deficit was 2.6 percent as against the projected figure of 2.5 percent.
The World Bank and the International Monetary Fund have earlier complained of the country’s debts situation. These institution have warned that the country would be debts distress if the government continues to borrow.
story by Jibril Abdul- Mumuni/Pinkfmonline.com