• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Big Push vs Ghana CARES: Seth Terkper, Finance Minister say flagship promises won’t worsen nation’s debt stock

5 years ago
in Business, Economy, highlights, Home, home-news, latest News
2 min read
0 0
0
Seth Terkper and Kwaku Kwarteng - norvanreports

Seth Terkper and Kwaku Kwarteng - norvanreports

77
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

The National Democratic Congress (NDC) in its 2020 manifesto has promised to invest over $10 billion in an accelerated infrastructural development plan.

The NDC through the Big Push agenda, also seek to create some 1 million jobs for Ghanaians.

The governing New Patriotic Party (NPP) on the other hand also announced the Ghs 100 billion Ghana CARES ‘Obaatanpa’ Programme to further mitigate the impact of Covid-19 on businesses and accelerate recovery of the pandemic-hit economy.

On the back of the two flagship promises made by the two political parties, analysts have expressed worry over the enormous additional debts the manifesto promises will add to the already high-risk-debt-distressed Ghanaian economy.

Ghana’s debt-to-GDP currently stands at 68.3 per cent, representing some 263 billion cedis. Government has also exceeded its Covid-19 revised fiscal deficit target of 7.2 by 0.2 per cent more.

Additional debts to the existing debt stock however, does not seem to be the view of both former Finance Minister and lead partner of tax firm, PFM Tax Africa, Seth Terkper and the Deputy Finance Minister, Kwaku Kwarteng.

In a discussion on the nation’s debt stock on TV3’s The Key Point monitored by norvanreports, Mr Terkper asserted the NDC’s Big Push agenda will not add to the nation’s existing stock, as the party will finance the agenda using the Contingency or Sinking Fund when it comes to power.

RelatedPosts

CID Establishes Task Force to Combat Influx of Stolen Vehicles into Ghana

Government Reintroduces Free Cocoa Fertiliser Programme to Boost Sector Growth

President Mahama Directs Ministers to Fast-Track Rollout of Ghana’s E-Visa System

According to the former Finance Minister, the NDC prior to losing power to the NPP in 2016, properly structured debts accrued from bonds meant for infrastructural development.

Mr Terkper posits that the debts incurred by the NDC government were then allayed by interests accrued on invested excess oil revenues transferred into the Sinking Fund from the Ghana Stabilization Fund.

He further argues that, the same approach along with other investment methods will be adopted to fund the Big Push Agenda, thereby having no additional debts to the already huge debt stock.

Speaking for the NPP, the Deputy Finance Minister, Mr Kwarteng also noted that, the Ghana CARES programme is not going to further worsen the country’s debt stock as a majority of the needed funds – 70 per cent of the Ghs 100 billion – will be provided by the private sector with Government providing the remaining Ghs 30 billion.

According to Mr Kwarteng, Government still has enough fiscal space to inject the intended Ghs 30 billion into the Ghana CARES programme without further inflating fiscal deficits and returning to the IMF.

Via: Snr Fuaad Dodoo
Tags: debt stockdebt to gdpfiscal deficitKwaku Kwarteng
No Result
View All Result

Highlights

AngloGold Ashanti Doubles Earnings and Free Cash Flow on Higher Gold Prices, Production Surge in Q2 2025

Africa’s Richest Country to Boost Continental Trade Ties After U.S. 30% Tariff Hit

Nigeria Hits Panic Button as West Africa Logs $2.1bn in Suspicious Crypto Transactions

CID Recovers 43 Stolen Luxury Vehicles Smuggled into Ghana

2025 Mid-Year Economic Review: Fiscal Discipline is a Necessary Pain

Ledecky’s Heroics Highlight Underwhelming US Campaign at World Aquatics Championships

Trending

Business

CID Establishes Task Force to Combat Influx of Stolen Vehicles into Ghana

August 4, 2025

CID Establishes Task Force to Combat Influx of Stolen Vehicles into Ghana The Criminal Investigations Department (CID)...

Government Reintroduces Free Cocoa Fertiliser Programme to Boost Sector Growth

August 4, 2025

President Mahama Directs Ministers to Fast-Track Rollout of Ghana’s E-Visa System

August 4, 2025

AngloGold Ashanti Doubles Earnings and Free Cash Flow on Higher Gold Prices, Production Surge in Q2 2025

August 4, 2025

Africa’s Richest Country to Boost Continental Trade Ties After U.S. 30% Tariff Hit

August 4, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.