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全国娱乐场所紧急关停 Alex Mould bemoans Ghana’s steep growth in debt service

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Finance expert, Alex Mould Finance expert, Alex MouldClick to read all about coronavirus → Finance expert, Alex Mould has expressed serious reservations about the relatively high rate of the country’s interest payment on debts accrued (debt-servicing), currently galloping at about four (4) times more than domestic-tax revenue mobilization growth over the past four years. Alex Mould, former Executive Director at Standard Chartered Bank; and past CEO of GNPC and NPA, shared some insight on the mid-year review budget and overall economic outlook. He commented that, the country’s domestic-tax revenue mobilization has grown by only 39% in four (4) years but interest debt-service payment has grown by 144%. Data made available by the expert as sourced from the Ministry of Finance indicates: – In 2016, domestic-tax revenue was GHC25.729 billion as against interest payment on Ghana’s public debt of GHC10.770 billion giving an interest payment on public debt to domestic-tax revenue ratio of 42%. -Analysis of the data from MoF shows an upward trend of Interest debt-service payments to domestic-tax revenue collections with 2019 at 47% and 2020 at 62%. -In 2019, domestic-tax revenue was GHC42.775 billion as against interest payment on Ghana’s public debt of GHC19.769 billion giving a ratio of 47%. However, using projected 2020 full-year figures, domestic-tax revenue is expected to be GHC42.331 billion as against projected interest payment of GHC26.268 billion Ghana’s public debt, resulting in a staggering ratio of interest payment to domestic-tax revenue of 62%. “We should be very concerned about Government’s ability to meet its interest payments from tax revenue which forms about 80% of our Total Domestic Revenue, which also forms about 97.5% of Total Government Revenue,” Mr. Mould emphasized. Adding that, “Our domestic tax revenue has only grown 39% in 4 years but our interest debt service has grown by 144%.” This attests to the fact that we are borrowing to meet our expenditure, which is mainly a combination of consumption and expenditure on some of the ill thought-out manifesto promises made by Nana Akuffo-Addo’s government. It would rather be more prudent to spend on the critically needed infrastructural investments which will have a multiplier effect and will produce dividends in the near future.Send your news stories to and via WhatsApp on +233 55 2699 625.form#revue-form div{float:left}form#revue-form{width:600px;margin:auto}.revue-form-group{margin:10px 10px 10px 0}.revue-form-actions{width:298px;margin:10px 0}div#revue-embed{width:715px;display:inline-block;text-align:center;background-color:#e1e1e1;margin-top:10px}form#revue-form h3.title{text-align:center;padding-top:5px; width: auto;position: relative;bottom: auto;}input{border:solid 1px #d2d2d2;border-radius:3px;padding:10px}input#member_email{width:270px}input#member_first_name{width:191px}input#member_last_name{width:193px}input#member_submit{width:300px;padding:10px;background:#99b53a;cursor:pointer;color:#fff}input#member_submit:hover{padding:10px;background:#8db115;cursor:pointer;color:#fff}@media screen and (max-width:768px){div#revue-embed{width:100%;display:inline-block;margin:0 0 10px}form#revue-form{width:100%;margin:auto}.revue-form-group{width:95%}label{margin:0 0 5px 0;display:block}input#member_email{width:93%}form#revue-form div{margin:0 10px 10px;width:95%}input#member_submit,input#member_submit:hover{width:99%}}