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Ghana adopts prudent debt management: deputy minister

Xinhua, November 26, 2016 Adjust font size:

The Ghanaian government said it had put in place prudent debt management strategy to manage its domestic and external debts, local media has reported.

Deputy finance minister Mona Quartey said on local radio on Friday that such measure was geared towards propelling the country to desired economic growth.

Quartey said the government had since 2014 decided to realign its debts by converting all shortterm loans into longer-term ones. This, she noted, would afford the country some breathing space in terms of paying back.

She also said Ghana had been able to lower its default risk and establish a debt service reserve account which was used to service debts on time.

"The good news about what we are doing in terms of our debt management is that we don't have that risk at all. We've lowered that default risk, we've mitigated," she said.

Ghana's total public debt stock, according to the Central Bank, stands at 112.4 billion cedis as at the end of September 2016, representing 67.4 percent of the gross domestic product (GDP). Endit