Per the dictates of the 1992 constitution, the President of the Republic is mandated to submit a budget statement to Parliament for approval each year, guided by the medium term infrastructure framework. The ministry of finance prepares the budget on behalf of the President with support from the economic management team.
Today, the Minister of Parliamentary affairs and leader of government business who is acting as Minister of finance delivered the 2021 budget in Parliament. He outlined the government's plans for the year in the energy, education, agriculture, health, roads and infrastructure and housing sectors.
Key among his delivery was the introduction of new taxes in the gaming,energy and roads sector of the economy to shore up revenue. Ghana's balloning debt stock has been one issue that sets in during campaigns. During the erstwhile John Mahama's era, he was accused of borrowing so much without finding innovative ways to raise money internally because Ghana was blessed with more than enough.
Then running mate Dr. Bawumia labelled him incompetent and disclosed that, his position as deputy governor of the Bank of Ghana opened him up to the abundant resources we have. He said, borrowing was a result of mismanagement of the economy on the NDC's part.
In the delivery of the budget statement on the floor of Parliament today, Hon. Osei Kyei Mensah Bonsu revealed that, as at the end of 2020, Ghana's provisional debt stock stood at a nominal figure of GHS 291.614 billion representing 76.1% of GDP, compared with GHS 217. 991 billion equivalent to 62.4% of GDP in 2019.
He again disclosed that, the total debt stock was mix was made up of a provisional figure of GHS 141. 780 billion in external debts and GHS 149.833 billion for domestic debts, accounting approximately for 48% and 51.4% respectively of total public debt.
Hon. Osei Kyei Mensah Bonsu said Covid-19 expenses, banking sector clean up were responsible for the ballooning debt stock. He outlined measures to deal with the debt.
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