On the debt-to-GDP ratio, he wondered why it was never an issue when in the year 2000 Ghana recorded a debt-to-GDP ratio of 182% [in 2006 constant prices]. Dr. Domfe continued that a country’s debt becomes unsustainable when its debt-to-GDP ratio hits a threshold of 70% or above of its GDP. On that note, he commended Sir Jonah for acknowledging that Ghana’s current debt-to-GDP ratio of 76.1% is unsustainable. But he was quick to ask “where was Sir Jonah when in 2014, 2015 and 2016, Ghana’s debt-to-GDP ratio went beyond the dreaded 70% threshold?” Indeed, Ghana’s debt-to-GDP ratio was 73.1% [in 2006 constant prices] – rendering the country’s debt situation highly unsustainable. Significantly as a result, the debt-to-GDP ratio ballooned to 76.1% in 2020 from 62.8% in 2019”.

Source: GhanaWeb April 30, 2021 14:26 UTC