3rd January 2025 12:01:20 PM
2 mins readOutgoing President Nana Akufo-Addo has emphasized that Ghana is not financially distressed, citing nearly $8 billion in gross international reserves as his government prepares to leave office.
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Addressing Parliament during his final State of the Nation Address, President Akufo-Addo stated that the economy was showing strong signs of recovery, with improved fiscal stability and debt sustainability.
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"The economy is rebounding strongly. Our fiscal position is more stable. Our debt sustainability has significantly improved," he noted.
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Rejecting claims that the country was bankrupt, he added, "Mr. Speaker, the country is not broke as some propagandists want us to believe. We are handing over the country with gross international reserves of almost $8 billion. This is more than the $6.2 billion gross international reserves my administration inherited in 2017."
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Data from the Bank of Ghana (BoG) confirms the reserves, showing an increase from $7.83 billion in September to $7.92 billion in November 2024.
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Despite the positive outlook on reserves, Ghana’s debt stock remains a challenge, reaching GH₵761.2 billion as of July 2024, representing 75.7% of the country’s Gross Domestic Product (GDP).
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This marks a significant rise compared to the GH₵587.7 billion recorded during the same period in 2023, which accounted for 70.3% of GDP.
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The Bank of Ghana’s September 2024 Summary of Economic and Financial Data also indicated that the external component of the debt increased to $31.6 billion from $30 billion a year earlier, representing 46.1% of GDP.
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Meanwhile, the domestic debt component stood at GH₵290.9 billion, equivalent to 28.5% of GDP.
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The government's Domestic Debt Exchange Programme (DDEP) was introduced to address the rising debt by restructuring existing liabilities.
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