The World Bank has advised the government to reduce borrowings and concentrate on repairing the country’s growing debt stock, which has ballooned over time.
Ghana, according to World Bank President David Malpass, needs to stop borrowing and focus on its debts, which has resulted in the country being listed as having a high risk of debt distress.
This warning comes after the government, through President Akufo-Addo, obtained a £170 loan facility for the Development Bank of Ghana during his trip to France.
Ghana’s debt stock stood at GHS 291 billion, accounting for 76 percent of the country’s overall economic value.
Ghana has already been listed as having a high risk of debt distress by the World Bank, with a study due in the coming months.
However, in response to a query from Joy Business through a virtual meeting in Washington, DC, Mr Malpass expressed concern about the effect on future generations.
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