LatestMahama: Ghana's National Debt Decreased by GHS150 Billion in Just 5 Months

Former Ghanaian President John Dramani Mahama recently announced that the country has managed to reduce its national debt by GHS150 billion within the span of five months. This significant decrease is part of a broader strategy to stabilize the economy and restore investor confidence. Additionally, the government is working on addressing the Electricity Company of Ghana's (ECG) substantial debt, which stands at approximately $2.5 billion, by introducing private entities to enhance the billing system and revenue collection.

While this debt reduction is a positive step, Ghana still faces the challenge of a projected GHS280 billion debt servicing bill over the next four years. To manage this, the government plans to refinance and increase revenue from the oil and gas sector.

This news comes as the nation continues to navigate through economic challenges and work towards a more prosperous future. The efforts to reduce debt and improve public sector financial management are crucial for the country's long-term fiscal health and sustainable development.

Mahama's statement reflects the ongoing commitment to fiscal responsibility and the desire to create a more favorable investment environment for both local and international stakeholders. The involvement of the private sector in public utilities like the ECG is a strategic move that can bring in much-needed efficiency and expertise to help in reducing debts and improving service delivery.

The #GhanaEconomy and #MahamaUpdates are likely to generate discussions around the effectiveness of these debt reduction measures and the potential long-term impact on the country's economy. It remains to be seen how these efforts will translate into tangible benefits for the Ghanaian people and contribute to the overall growth and stability of the nation.

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