Business News of Friday, 7 February 2020Source: classfmonline.comWorld Bank cautions Ghana over excessive borrowingPierre Laporte, World Bank Country Director for GhanaThe World Bank has cautioned Ghana against excessive borrowing amidst concerns that the country risks being classified as high debt distress country if the situation persists. Speaking to the media after a courtesy call on the Speaker of Parliament, the Country Director of World Bank, Pierre Frank Laporte said though every country will have to borrow it must be cautious of the quantum of borrowing. At the moment, Ghana’s debt situation according to World Bank description is a country at moderate rate to high risk of debt distress; of course, yes the country has to be careful”, said Mr. Laporte. Ghana’s total public debt stock increased by GHS6.3 billion between September and November 2019 to reach GHS214.9 billion in November 2019. Of the total debt stock, domestic debt was GHS101.4 billion, of which GHS11.2 billion (3.8 per cent of GDP) represented bonds issued to support the financial sector clean-up.

Source: GhanaWeb February 06, 2020 23:15 UTC