Business News of Monday, 5 July 2021Source: www.ghanaweb.com•The World Bank has cautioned Ghana to act decisively against excessive borrowing•The institution called on government to implement stringent revenue generation measures to reduce the public debt burden•Ghana's total public debt rose to GH¢304.6 billion as of March 2021The World Bank has admonished Ghana to put a stop to excessive borrowing in order to prevent the public debt from increasing, the B&FT newspaper reports. Already, the country’s total public debt rose to GH¢304.6 billion as of March 2021, rising by GH¢67.9 billion over the same period in 2020. “Before COVID-19, Ghana’s debt to GDP ratio was below 70 percent, which was manageable. So yes, we are concerned [about the debt situation], and as an economist I think government can do better,” he concluded. Meanwhile, the International Monetary Fund has earlier added its voice to the worrying public debt situation of Ghana.

Source: GhanaWeb July 05, 2021 07:41 UTC