As the President gears up to tell Ghanaians the state of the nation tomorrow in Parliament, with the Majority Leader and Minister in charge of Government’s Business in the House of Parliament, Osei Kyei Mensah-Bonsu also readies himself to read the 2021 Budgetary Statement to us, some journalists and opposition elements have started raising eyebrows about the country’s debt to GDP ratio.
As some have put it at 73% of our GDP, others have pegged it at 75%. These issues, under normal circumstances, wouldn’t have been problematic if raised, but in a COVID-19 ravaged economy, such queries cannot be justified.
Knowing our debt to GDP in itself isn’t a problem but the intent and the spin put to same are what shouldn’t be entertained at this time of the day.
Ghana was the envy of most African economies and even some powerful nations across the globe in terms of its economic growth and development before COVID-19 paid us a painful visit.
The deadly coronavirus pandemic has adversely affected the economy. Almost all the gains made in the three years before the pandemic have been eroded.
If Ghana were the only exception, one would have understood where these people are coming from but when the virus has sent the world’s economy back to factory settings, with economic giants also suffering, one can safely say that the Government of Ghana has not done anything wrong.
Economies like the US, Canada, China, Japan, South Korea, Germany, France, the UK, you name them, are all reeling from this deadly coronavirus pandemic. Whatever gains these economies boasted of have all been washed away by COVID-19.
The world, including Ghana, is about to start from ‘ground zero’ sort of point to liberate itself from the shackles of this deadly pestilence. Economic indicators have been shipped to the background.
It is against these reasons that it is the height of not only insensitivity but also mischief for anyone to be asking about whether Ghana’s debt to GDP at this material moment.
P.K. Sarpong, Whispers from the Corridors of the Thinking Place.