The Minority in Parliament has warned that Ghana’s high indebtedness to the International Monetary Fund (IMF) makes it a risky investment destination.
Ghana is currently the most indebted country to the IMF under the Poverty Reduction and Growth Trust, with an outstanding loan of 1,689 billion Special Drawing Rights (SDRs). This accounts for almost 10% of the total loans outstanding under the Trust.
The Ranking Member on the Finance Committee of Parliament, Isaac Adongo, said that Ghana’s high debt levels and low foreign reserves are making it difficult to attract foreign investment.
He said if you look at our creditworthiness in terms of our net international reserves to cover those portfolios, Ghana is a risky country and the IMF itself is worried.
Adongo also warned that Ghana may not be able to qualify for another IMF program if it does not improve its fiscal situation.
Story by: Osei Akoto (Teacher Kojo) / Ahotoronline.com
