Felix Kwakye Ofosu, Minister of State-designate, Government Communications has revealed a piece of shocking information about the economic challenges of Ghana.
According to Felix Kwakye Ofosu, Ghana paid $364 million in debt servicing on 2nd January and next year the Government would have to pay $180 billion in debt servicing.
He further noted that Ghana’s budget is slightly above 200 billion so the taxes Ghanaians pay would be used for debt servicing.
Speaking on TV3’s KeyPoint Felix Kwakye detailed, “On 2nd January we paid $364 million in debt servicing, at the end of February we are required to 6.1 billion Ghana cedis in debt servicing, next year, we have to pay $180 billion in debt servicing”.
“This is for a country whose budget is slightly above 200 billion, what this means is that all the taxes you and I pay, everything else that we do in the country, that goes into our budget all of it, will be used to pay debt servicing”, he added.
Felix Kwakye Ofosu further revealed that if the government defaults again it would be catastrophic for the country.
The Minister of State-designate, Government Communications added, “Because of the debt default, you can imagine what the finance minister must feel when he stares at that dark barrel, where everything he mobilises next year will be used to service debts”
“If we don’t do it we will default again, and if we do default it would be catastrophic”, he added.
Meanwhile, President John Dramani Mahama has boldly declared that his government cannot afford to fail Ghanaians.
According to John Mahama, Ghanaians have through their votes declared their intention to demand the highest standards of governance.
Watch the video below:
We paid $364 million in debt servicing on 2nd January.
Next year we have to pay $180 billion in debt servicing for a country whose budget is slightly above 200 billion. – Felix Kwakye Ofosu, Minister of State designate, Government Communications#TheKeyPoints pic.twitter.com/gp6qgotnvB— #TV3GH (@tv3_ghana) January 25, 2025
