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World bank President advice Government Of Ghana To Fix The Country And Slow Down On Borrowing.

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The president of the World Bank, Mr David Malpass has advised the government of Ghana to slow down borrowing and focus on its development.

The government of Ghana was in France not long ago to attain a loan facility worth £170 million for the Development Bank of Ghana.

The World Bank after heeding the above news warned Ghana to take a halt from borrowing and consolidate on solving its financial issues to fix the country’s increasing deficit stock.

Documents show that over the years, Ghana’s debt stock stands at a whooping GHS 291 billion which interprets into 76% of the total value of the country’s economy.

Expected to this, Ghana has been assessed as a country with a high risk of distress.

It is at the end of this that Mr Malpass advised the government to clump cautiously at least risk threatening future generations in the country.

The Bank has already categorized Ghana as a high risk of debt distress, with a study expected in the coming months.

But responding to a question by Joy Business through a virtual meeting from Washington DC Mr Malpass said he is worried about the impact of this initiative.

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David Malpass France Ghana World Bank

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