Ghana has made significant progress in managing its public debt and reducing the amount of national revenue spent on debt servicing, Finance Minister Dr. Cassiel Ato Forson has said.
In previous years, more than 50 percent of Ghana’s national revenue was used to service public debt, leaving limited funds available for critical sectors such as education, healthcare, roads and other essential infrastructure.
According to Dr. Ato Forson, the situation has improved considerably, with Ghana now spending less than 20 percent of its revenue on debt servicing.
The reduction in the debt-service burden is expected to create more fiscal space for government spending on infrastructure development, social programmes and economic growth.
The development also highlights the government’s efforts to strengthen Ghana’s fiscal position, improve debt sustainability and ensure that more public funds are directed toward national development.
Source: newsthemegh.com