Each Ghanaian owes $350…as Ghana’s public debt stands at
$7.7m
Masahudu Ankiilu Kunateh, Ghanadot
Accra, May 12, Ghanadot - Ghana’s
estimated population currently stands at 22 million people. Out
of this population, each Ghanaian owes US$350 to the country’s
creditors, both internally and externally, as against $359 in
2008.
Ghana’s total public debt has declined slightly from US$7,918.1
million, a 54.6 per cent of Gross Domestic Product (GDP) in
2008, to US$7.742.4 million, representing 49.2 per cent of GDP
for the first quarter of 2009.
Out of this figure (US$7.742.4m), the stock of domestic debt,
which stood at GH¢4,778.1 million at the end of last year
(2008), increased to GH¢5,083.5 million, representing 23.7 per
cent of GDP at the end of the first quarter of 2009.
External debt also stood at US$4,010.2 million at the end of the
first quarter of this year (March 2009), up from US$3, 982.6
million (28.1 per cent of GDP) at the end of last year (2008).
This was made known by the Chairman of the Monetary Policy
Committee (MPC) of the Bank of Ghana (BoG), Dr. Paul Acquah, at
a press briefing in Accra yesterday.
According to him, provisional banking data on fiscal operations
during the first quarter of 2009 indicate that domestic revenue
growth continued to be strong at a slower pace than it was at
same time the previous year (2008).
Ghana’s total revenue and grants for the first quarter of 2009,
amounted to GH¢1,308.1 million, representing 6.1 per cent of
GDP, compared with GH¢1,129.2 million (6.4 per cent) for the
same period in 2008.
“This was however, higher than the historical average of 5.8 per
cent of GDP between 2004 and 2008,” Dr. Paul Acquah noted.
Dr. Paul Acquah observed that total revenue and grants in year
on year terms, increased by 15.8 per cent, compared with 11.0
per cent recorded in 2008.
Grants to the country amounted to GH¢244.3 million (1.1 per cent
of GDP) in the first quarter of 2009, as against GH¢225.5
million (1.3 per cent of GDP) recorded for the same period in
2008.
This means the country, in the first quarter of 2009, saw an
increase of GH¢18.8 million in grants, as compared to the same
period last year.
Ghana’s total expenditure, excluding foreign financed capital
expenditure for the first quarter of 2009, amounted to GH¢1,249.2
million, representing 5.8 per cent of GDP, compared with GH¢1,265.3
million (7.2 per cent of GDP) for the same period in 2008.
Wages and salaries amounted to GH¢558.5 million, compared with
GH¢549.1 million for the same period in 2008.
According to Dr. Paul Acquah, the fiscal operations during the
first quarter in 2009, resulted in a deficit of GH¢194.7
million, a 0.9 per cent of GDP (excluding foreign financed
capital expenditure), compared with a deficit of GH¢275.6
million for the same period in 2008.
Dr. Acquah said the deficit of GH¢194.7, in addition to a
foreign loan repayment of GH¢48.7 million were financed from
domestic sources to the tune of GH¢243.4 million, representing
1.1 per cent of GDP.
Adukrom, May 11, Ghanadot/GNA - Right Reverend Dr
Yaw Frimpong-Manso, Moderator of the General Assembly of
the Presbyterian Church of Ghana, says the new political
leadership must focus on creating a better Ghana for all
other than dwelling on past mistakes..
More
Accra, May 12, Ghanadot/GNA
- Former President John Agyekum Kufuor leftAccra on Monday night to Lilongwe, Malawi, to monitor the
country'sgeneral elections slated May
19, this month.
Accra, May 12, Ghanadot - Ghana’s estimated
population currently stands at 22 million people. Out of
this population, each Ghanaian owes US$350 to the country’s
creditors, both internally and externally, as against $359
in 2008.,,,More
Accra, May 12, Ghanadot - The Monetary Policy Committee (MPC)
of the Bank of Ghana (BoG) has decided to leave the prime rate
unchanged at 18.5.....The prime rate is the rate at which the
central bank does its overnight lending to the universal banks
in the country. ....More
