Businessman Senyo Hosi has called on all Ghanaians to rise and ask persons in authority to account for their actions and also lead in ways that benefit the people.
He noted that people are not questioning authorities enough.
The few times you will see people, especially the middle class talking is when they have been directly affected by a government’s decision such as the Domestic Debt Exchange programme ( DDEP), he said.
Speaking at the 3Business Economic Sustainability Summit held in Accra on Tuesday, April 4, he blamed Ghana’sprobalmes on “failure of leadership and followership.”
“The middle-class are up in arms because they are about to lose some money,” he added.
At the same event, a professor at the University of Ghana Business School Godfred Bopkin said seventy percent of the government’s total revenue goes into debt servicing.
This leaves very little for other spending, he added.
Speaking at the 3Business Economic Sustainability Summit held in Accra on Tuesday, April 4, 70 percent of all our domestic revenue goes to debt servicing, it leaves very little space for growth and enhances spending.
“The IMF debt sustainability concluded that our debt is unsustainable and the meant that we needed to take steps to restructure our debts. what does supposed to mean? Ministry of Finance eventually told us that in September 2022 our debt to GDP ratio in present value terms was 105 percent and we needed to reduce this it’s to 55 percent by 2028.
“Ghana is classified as a medium debt-carrying country per the IMF debt sustainability framework.
“So if you are a medium debt-carrying country then your debt-to-GDP ratio in present value term should not be more than 55 percent and Ghana is above 100 percent.”
By Laud Nartey|3news.com|Ghana
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