Minority leader Dr Cassiel Ato Forson on Monday shared a jest to emphasise Ghana's debt situation.

Addressing the media following the presentation of the 2023 Mid Year Budget Review by the Finance Minister, the Minority leader indicated that Ghana has defaulted its external debt.

According to him, Ghana has failed to pay the debt it owes to Euro bond holders and countries such as China, Saudi Arabia, India, UK, Japan, France, Czech Republic.

He noted that the list goes on and "I don't know of Togo but it could be that we owe them."

He attributed the stability of the cedi against the dollar to the external debt default.

"The Ghana cedi has stabilized relatively because we have defaulted in the payment of our external debt.

If you are to look into the budget, we should have serviced our external debt, approximately 11 billion Ghana cedi," he noted.

While presenting the Mid-Year budget review, Finance Minister Ken Ofori-Atta noted that from February to July this year, the local currency has depreciated by "an impressive 1.84%".

Cumulatively, the Ghana cedi depreciated by 22.1 percent against the US Dollarin the year to July 17, 2023.

This is in comparison to 21.1 percent depreciation recorded in the same period in 2022.

Statements from the Finance Minister indicates that in January 2023 alone, the cedi depreciated by 20 per cent.