Business News of Tuesday, 26 November 2019Source: primenewsghana.comRate of debt accumulation and deficit lowered - Ken Ofori-AttaFinance Minister, Mr Ken Ofori-AttaGhana’s macroeconomic performance has been robust and the government says it has lowered the rate of debt accumulation since 2017, following the prudent management of the economy, which has led to a successful reduction of the country’s fiscal deficit. This means in three years, we have only marginally increased the debt to GDP by 0.6 percentage points. Mr. Ofori-Atta said contrary to suggestions from some quarters, the Akufo-Addo administration has rather lowered the rate of debt accumulation in the last three years compared to 51.6% in 2014 to 56.8% in 2016; representing an increase of 5.6 percentage points compared to 0.6 percentage points from end 2016 to date. “This sustainable debt path is partly on the back of our successful fiscal consolidation program which reduced the fiscal deficit by 2.6 percentage points from 2016 to 2018” he added. A good number of the road projects are expected to be implemented over the medium term and therefore allocations are made in the outer years to complete the road projects”.

Source: GhanaWeb November 26, 2019 15:22 UTC