The president of World Bank, Mr. David Malpass has cautioned the government of Ghana to slow down on its excessive borrowing and focus on fixing the economy.
President Akufo-Addo was in France not long ago to secure a loan facility worth £170 million for the Development Bank of Ghana.
The World Bank after hearing the above news advised Ghana to take a break on borrowing and concentrate on solving its economic issues so as to fix the country’s rising debt stock.
Records show that over the years, Ghana’s debt stock stands at a whooping GHS 291 billion which translates into 76% of the total value of the country’s economy.
Due to this, Ghana has been classified as a country with high risk of distress. It is at the back of this that Mr. Malpass advised the government to tread cautiously least risk endangering future generations in the country.