“Slow down on the borrowings and fix the country’s rising debt stock” – World Bank cautions Gov’t

The World Bank has cautioned the governemnt to slow down on the borrowings and focus on fixing the country’s rising debt stock which has ballooned over the years.

World Bank President, David Malpass, said Ghana needs to take a break from borrowing and pay attention to its debts which resulted in the country been classified as high risk of debt distress.

This caution comes on the back of a loan facility worth £170 which the government through President Akufo-Addo secured for the Development Bank of Ghana during his trip to France.

Ghana’s debt stock stood at GHS 291 billion, translating into 76% of the total value of the country’s economy

The Bank has already classified Ghana as a high risk of debt distress, with a review 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 on future generations.