Ghana Debt: 57.72 Trillion Old Cedis

Ghana’s total debt as at the end of June 2007 stood at 57.72 trillion old Ghana cedis. The amount is made up of domestic debt of 34.84 trillion old Ghana cedis and external debt of 22.87 trillion old Ghana cedis.

The Deputy Minister of Finance and Economic Planning, George Gyan Baffour announced these in parliament today when he answered a question by Hon. Paul Evans Aidoo (NDC MP for Setwi-Wiaso). According to the Minister, the country’s external debt as at the end of June 2007 was made up mainly of medium to long term debt.

No Decision Taken On Government Shares In ADB

Government has still not taken any firm decision on whether it should divest it shares in the Agricultural Development Bank (ADB) or not, even though Stanbic Bank of South Africa and other institutions have expressed interest in the shares. The Deputy Minister for Finance and Economic Planning Professor George Gyan Baffour announce this in parliament when he answered some questions in the house.

He said as a result of government’s concern about credit to the agricultural sector and those in the fishing industry, government is looking for a credit model that will enable farmers and those in the fishing industry have access to credit. Professor George Gyan Baffour explained that the credit model being operated by the ADB doesn’t fully meet the expectation of government. Presently, he said government holds 52 per cent shares whiles the bank of Ghana hold the remaining 42 per cent shares in the ADB.

Minister Explains 2007 HIPC Allocation

Total HIPC allocation by government to the Ministries, Departments and Agencies (MDA’s) in 2007 amounted to 177.88 million Ghana cedis. The MDA’s under social sector were allocated a total amount of 38.1 million new Ghana cedis while MDA’s under the public safety sector also received a total of 9.7 million Ghana cedis.

The Deputy Minister for Finance and Economic Planning Prof. George Gyan Baffour made this known in parliament in response to a question by the NDC MP for Tamale South Hon. Haruna Iddrisu. Prof. George Gyan Baffour said MDA’s under the economic sector had a total allocation of 36.8 million Ghana cedis while MDA’s under the infrastructure services sector were allocated an amount of 22.2 million new Ghana cedis. MDA’s under the administration sector were given a total of 70.7 million new Ghana cedis.