Osei Kyei-Mensah-Bonsu, the acting Finance Minister has stated that Ghana’s debt stock rose from GH¢122 billion in 2019 to GH¢291.6 billion as at the end of December 2020.

According to him, the debt include the cost of the financial sector cleanup, the majority leader added.

He said there was no cause for alarm in the face of the coronavirus crisis because the administration was competent to manage the economy better.

“Government succeeded in protecting virtually all jobs and incomes in public sector. For the people of Ghana have witnessed since the coronavirus pandemic ahead of the rest of the world, a leadership that is responsible, creative, courageous, decisive and above all very caring."

The Minister added that policies such as the Coronavirus Alleviation Programme (CAP) have seen major results recorded “that have made it easier for people to cope with this unprecedented crisis”.

“Mr Speaker, today Ghana is better positioned to recover and rebuild an even more resilient economy. Nobody says we know how to do it but also because the grace of God has been assured for this journey.”

Meanwhile, Ghana’s fiscal deficit is now standing at 13.7 per cent of Gross Domestic Product (GDP).

The deficit includes the cost of the financial sector cleanup up.

“The fiscal deficit including the financial sector cost for 2020 is 13.7 per cent of GDP,” the budget said adding that “it was financed from both domestic and external sources.”