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Ghana's public debt stands at $7,841.3million
By Masahudu Ankiilu Kunateh, Ghanadot
Accra, Aug 26, Ghanadot - Ghana's
public debt now stand at US$7,841.3 million, Dr. Kwabena
Duffuor, Minister of Finance and Economic Planning, told
Parliament.
According to him, "Ghana's public debt stood at about
US$8,073.3 million as at the end December, 2008 in spite of
the substantial debt relief from both our multilateral and
bilateral partners.
"As a result of prudence in management of loans, we have
reduced the stock of debt to US$7,841.3 million as at end
June, 2009," he told Parliament during the presentation of a
supplementary budget. The budget, intended to seek
Parliamentary approval for more state funds to run the
economy, reviews the performance of the economy between
January and June 2009.
Dr. Duffuor noted that even though Government had contracted
loans during the six-month period, the borrowing had been
driven more by need and financial prudence, adding that most
of the loans had been secured on concessionary terms.
The Minister also reported that overall budget balance,
including divestiture, amounted to a deficit of GH¢965.4
million, equivalent to 4.5 percent of GDP, against a target
deficit of GH¢1,400.3 million, equivalent to 6.5 percent of
GDP.
The outturn compares with a deficit equivalent to 5.8
percent of GDP recorded during the corresponding period in
2008. He noted that there was equally a marked improvement
in domestic effort in budget implementation, indicating that
the nation's finance was now in skilful hands.
"The domestic primary balance for the period under review,
January to June 2009, was a deficit equivalent to 0.8
percent of GDP, against a target of 3.2 percent of GDP.
"The outturn compares with a deficit of 3.6 percent of GDP
recorded during the corresponding period in 2008.
"This indicates much improvement in the domestic effort in
budget implementation, a clear indication that the nation's
finances are now in skilful hands," he said.
Dr Duffuor said the overall budget deficit including
divestiture, was financed from both domestic and foreign
sources, adding that Net Domestic Financing of the budget
amounted to GH¢634.2 million, equivalent to 2.9 percent of
GDP compared to 3.8 percent of GDP for the same period in
2008. While, "Financing from foreign sources totalled GH¢331.2
million, equivalent to 1.5 per cent of GDP,"the Finance
Minister revealed.
Ghanadot
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