Finance and economics academician at the University of Ghana Business School (UGBS), Godfred Bokpin, has said that in spite of Ghana’s economic growth over the years, the country is in a worse financial state than before.
Stating on JoyFM’s Top Story on Thursday, February 27, Prof. Bokpin said while the Akufo-Addo administration expanded Ghana’s GDP by $20 billion, data propounds that the overall financial health of the country has worsen.
He pointed to Ghana’s rising bill charge, explaining that by December 2022, inflation had soared to 54.1 per cent, and the debt-to-GDP ratio in nominal terms had exceeded 104 per cent.
“What is becoming clearer is that even though over $20 billion has been added to our economy, the previous government’s data exists to confirm that they left this country in a much poorer state,” he stated.
“If you look at the debt numbers, at the time, in 2017 when the NPP was describing the economy as so bad, they inherited inflation of 15.4%.
“If you look at debt service to revenue ratio, even public debt to GDP ratio without debt restructuring, the NPP have debt restructuring to be thankful for, for what they are leaving behind. Otherwise, it could have been serious.”
