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Business News for Tuesday, October 27, 2020
Source: 3 News
2020-10-27
Ken Ofori-Atta, Minister of Finance
Finance Minister Ken Ofori-Atta has described the International Monetary Fund (IMF) projections for Ghana’s debt situation as purely statistical.
He told TV3’s Etornam Sey in an exclusive interview on Monday, October 26, that the Ghanaian government was not overly concerned about debt because the focus was on spending the funds to protect Ghanaians against the outbreak of the coronavirus pandemic. .
People’s lives, he said, matter to the government than debt.
Similarly, he added, the government spent huge sums of money during the cleanup exercise in the banking sector that resulted in the collapse of nine national banks.
An IMF report has projected that Ghana’s debt-to-GDP ratio, which is currently 68.3%, will reach 76.7% by the end of December this year.
But Mr. Ofori Atta said: “The IMF expects developed countries to have a debt-to-GDP ratio of 125%. Countries like ours are doing around 65%.
“When you discount what was spent on the financial service and in the energy sector, that returns it. I suppose the question for any nation at this point in the pandemic is what is the first thing it raised.
“The lives of people who later become productive or stick to some statistical numbers as a problem prevent you from saving lives. I think we have chosen the latter. “
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