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Sam Jonah's Take On The Nation's Debt Was Mischief-Driven (Opinion)

Sir Sam Jonah, in his speech delivered recently, expressed grave concerns about Ghana’s debt accumulation.

He was particularly worried about the current debt to GDP ratio, and subtly blamed this administration for it. 

The Financial Times reported on April 21, 2021, that COVID-19 has forced the UK government to borrow more money to take care of its citizens.

The coronavirus pandemic forced the UK government to borrow more than at any time since the second world war, the Office for National Statistics said as it published the first provisional estimates of the public finances for the 2020-21 financial year.

Borrowing hit £303.1bn in the year ending in March, a jump of £246.1bn on the previous year when the figure was only £57.1bn.

This is a tacit manifestation that economies across the world, even the giant ones, are reeling from this virus. 

Ghana’s debt levels may be high but they are not ‘out of this world’ looking at how the world over is suffering from the pandemic financially.

Ghana’s debt to GDP maybe around 86%, that of the UK stands at 97.7%, and this is the highest level of debt accumulation in terms of GDP since the 1960s.

Sam Jonah failed to put his submissions into proper perspectives and that makes one wonder if the entire exercise was not done with an ulterior motive. 

We are not in normal times. Whoever delivers a speech about the state of our economy without a critical look at the impact of COVID-19 would be doing so to pander to the whims and fancies of some political groupings.

P.K.Sarpong, Whispers from the Corridors of the Thinking Place.

Content created and supplied by: GhNational_News (via Opera News )

Ghana Office for National Statistics Sam Jonah The Financial Times UK


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