According to recent business reports released from the Bank of Ghana headed by Dr. Ernest Addison, it has become evident that the already-huge debts of the Ghanaian economy have skyrocketed even further.
These business reports state that Ghana has been facing a hefty economic hurdle, which has resulted in the debts increasing from last year’s Gh₵ 587.7 billion, equivalent to 70.3%.
Current debt reading stands at a whooping sum of Gh₵ 761.2 billion at a 7.5 percental Gross Domestic Product (GDP) inclusion.
To make matters worse, Ghana’s debt on the exterior level has, also, escalated from the usual US$ 30 billion to US$ 31.6 billion.
It is assumed that, as the domestic debts stands at Gh₵ 290.9 billion(GDP), then every Ghanaian citizen is owing an approximate sum of Gh₵ 22, 076.
To curtail the financial challenges, the ruling government requested help from the International Monetary Fund (IMF) through a US$ 3 billion bailout which was supposed to institute economic restructuring.
It is believed that the IMF gave Ghana assistance for the third time an amount of US$ 360 million, after carefully reviewing the situation.
Dr. Ernest Addison, the Governor of the Bank of Ghana, has advised that there is a need to meet all the standards of the IMF to prove to them that Ghana is worthy of another funding when necessary.