The World Bank has called on Ghanaian government to ‘be transparent’ with the citizens as the public debt stock of the West African country grows beyond 80% of its Gross Domestic Product (GDP). Currently, Ghana’s debt stock stands at $341.8 billion.
World Bank’s country director, Pierre Laporte said “the data as we know is close to 80% of GDP. Probably, now as we speak, it might have exceeded.”
“So, the key thing is to be transparent with the people”, he said, adding that, “the figures speak for themselves but not everybody is as educated as we are. Not everyone understands what the numbers mean, so, it is important to talk about it like we are doing.”
Laporte however shot down the idea of Ghana going to the International Monetary Fund (IMF) for a different bailout altogether saying, “my basic principle, at a starting point your country should not go to the IMF, really truly speaking. Many countries in the world are not with the IMF but are performing well”.
He suggested some measures such as the he fiscal deficit which he said must be brought down. “Inflation must also be brought down. This is an interesting discussing and we must acknowledge the situation on the ground.” He added.