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Cedi Depreciation Pushes Ghana’s Debt To Over GH¢390 Bn In April; 78% Of GDP

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Cedi Depreciation Pushes Ghana’s Debt To Over GH¢390 Bn In April; 78% Of GDP

Recent data released by the Bank of Ghana puts Ghana’s total public debt stock as of March 2022, at US$ 55.1 billion or GH¢391.9 billion.

In Dollar terms, the debt dropped by over $3 billion in the first 3 months of the year, from $58.4 billion in January to $55.1 billion in March.

In Cedi terms, however, the total debt stock within the first 3 months of this year increased by about GH¢ 40 billion, from GH¢351.7 billion in January 2022, to GH¢391.9 in March 2022.

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The March 2022 debt figure brings Ghana’s debt to Gross Domestic Product (GDP) ratio to 78%, using a projected GDP for 2022 of about GH¢502 billion.

Year-on-year growth

A look at the data from the Central bank shows that year-on-year, from March 2021 to March 2022, the debt stock rose by about 30% from GH¢304.6 billion to GH¢391.9 billion.

Domestic debt

A further breakdown of the debt numbers shows that the component of debt secured locally rose by GH¢8 billion from GH¢ 181.9 billion in January to GH¢ 189.9 billion in March, which represents about 38% of the projected GDP for 2022.

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External debt

The external component of the debt, increased significantly by about GH¢ 32 billion in the first 3 months of 2022, from GH¢169.8 billion in January to GH¢201.9 billion in March.

Impact of Cedi depreciation

The overall surge in the debt figure in Cedi terms came largely from the over 15% depreciation of the cedi against the dollar from January to March 2022.

READ ALSO  Ghana's Debt To GDP Ratio Projected To Hit 104.6% - World Bank Report

Data from the Central Bank showed that the US Dollar sold at GH¢6.02 at the end of January 2022 and at GH¢7.11 at the end of March 2022.

Source: www.GhanaCNN.com

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Until You Sack Wontumi, You Can Never Fight Galamsey – Captain Smart To Akufo-Addo

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Until You Sack Wontumi, You Can Never Fight Galamsey – Captain Smart Boldly Tells Akufo-Addo

Host of Maakye on Onua TV/FM, Blessed Godsbrain Captain Smart has said until President Addo Dankwa Akufo-Addo sacks Chairman Wontumi, his fight against galamsey would forever be a figment of his imagination.

Captain Smart was commenting on the President’s visit to the Ashanti Region over the increasing galamsey and other projects halted in the garden city after Onua TV/Akoma FM jointly held a Peoples’ Assembly which brought to bear several issues confronting the residents.

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Captain Smart, who has mentioned Bernard Antwi Bosiako, a.k.a. Wontumi, a regional Chairman of the ruling New Patriotic Party, as a kingpin in the illegal mining business said the President’s visit to discuss among other things, the increasing galamsey in the region would yield no result until Wontumi is ousted.

“There is only one media house in this country that can go to the Ashanti region and in less than a week, the president has to go there. Because the issues popping up are many. But Nana Addo, sack Wontumi before you can fight galamsey. Until you sack him, you can never fight galamsey,” he said.

READ ALSO  Cedi Depreciation Pushes Ghana’s Debt to Over GH¢393bn; 78.3% of GDP

On roads and infrastructure, whilst Onua TV and Akoma FM reporters relayed that some roads, specifically Santasi Apire, was in bad shape, some residents who are believed to be party faithful debunked the reports saying the road was under  contruction.

Source: www.GhanaCNN.com

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NDC Name Top Officials Involved In Galamsey In Ashanti Region

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NDC Name Top Officials Involved In Galamsey In Ashanti Region

The Ashanti Region Communications Bureau of the major opposition National Democratic Congress (NDC) is alleging top executives of their archrivals are neck-deep in the growing galamsey menace.

The NDC specifically pointed fingers at New Patriotic Party (NPP) Ashanti Region Communication Director Dennis Kwakwa as “deeply involved in the galamsey menace including other top executives in the region”.

When probed by host of Akoma FM‘s GhanAkoma Aduanaba Kofi Asante Ennin to withdraw his comment because his platform has no evidence to his claims, Director of Communication for NDC in Ashanti Region Abass Nurudeen insisted that “I know what I’m saying Kofi. You can disassociate yourself from what I’m saying but it’s not mere allegation”.

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Mr Nurudeen while speaking on the show Tuesday, October 4, explained that he is aware and has reliable information that almost all the national and regional executives of the NPP have concessions and are assiduously digging into the Earth’s belly for the precious metal at the expense of the ecology.

Reacting to the NDC allegations was member of the NPP communication team, Baafour Asaase Gyimah.

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He explained that “though Mr Nurudeen is just making empty allegations, I will advise him to be careful because such insinuations can really cost you your political career but I can categorically say none of the NPP executives I know are legitimately involved in small-scale mining but galamsey I doubt any of my executives will have himself involved”.

The issue of galamsey has been topical in recent times especially when the Asantehene Otumfuo Osei Tutu II waded into the topic and quizzed why government’s numerous fights on galamsey have proven futile.

READ ALSO  Stemming Cedi Depreciation: Reduce Rice, Chicken Importation – Murtala Advises

Source: www.GhanaCNN.com

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Ghanaians Are Suffering Everyday Under Our Economic Situation Worse – John Mahama

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Ghanaians Are Suffering Everyday Under Our Economic Situation Worse – John Mahama

Former President, John Dramani Mahama who also doubles as the leader of the National Democratic Congress (NDC) has once again lamented the country’s economic woes.

Mr. Mahama in a Twitter post on Tuesday noted that the economic situation is “distressing” and getting worse by the day.

The NDC flagbearer for the 2020 elections called on the government to, promptly and with eagerness, secure a programme from the IMF to stabilize the country’s economy.

“Distressing! Every passing day makes our economic situation worse. Gov’t must work with greater alacrity to lock in a programme with the Fund in order to create a more predictable economic outlook,” John Mahama tweeted on Tuesday.

READ ALSO  Ghana's Debt To GDP Ratio Projected To Hit 104.6% - World Bank Report

Meanwhile, Rating agency, Moody’s has downgraded Ghana’s long-term issuer and senior unsecured debt ratings to CAA2 from CAA1 and placed the ratings on review for downgrade.

The rating downgrade to CAA2, it said, reflects the recent macroeconomic deterioration, further heightening the government’s liquidity and debt sustainability difficulties and increasing the risk of default.

This follows the recent downgrade of Ghana’s credit rating to ‘CC’ from ‘CCC’ by Fitch.

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Source: www.GhanaCNN.com

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