The Institute of Economic Research and Policy Development (IERPP) has demanded transparency from Finance Minister over Ghana's national debt. The institute has raised concerns about the mechanisms behind the country's debt gains and the obligations that remain unaddressed.
NPP's Call for Debt Sustainability Plan
The New Patriotic Party (NPP) has urged the Finance Minister to publish a debt sustainability plan, warning that the government risks missing the debt-to-GDP target. Ghana's cedi-denominated debt had increased by about GH¢ [CONFIRM: amount] since the previous estimate.
The party's concerns come as the government struggles to manage its debt, which has been plagued by under-declaration, lack of disclosure, and creative accounting practices. A nationwide audit of Ghana's arrears portfolio has saved the state about GH¢13 billion, after uncovering irregular and unverified claims.
Minority Raising Concerns over Debt Transparency
The Minority in Parliament has raised concerns over debt transparency, citing the Finance Minister's statement on the GARID project as a "complete falsehood." The Minority has also criticized the government's long-term targets, warning that they may not be achievable.
The Finance Minister has been accused of not being transparent enough about the country's debt, with some experts arguing that this lack of transparency is a major obstacle to effective debt management. Transparency, accountability, and good governance are key to nation's debt management, according to Professor Bokpin.
Calls for Increased Transparency
The IERPP has called for increased transparency in the country's debt management, urging the Finance Minister to provide more information about the mechanisms behind the debt gains and the obligations that remain unaddressed. The institute has also warned that the lack of transparency in the country's debt management is a major risk to the economy.
The government's debt management has been plagued by under-declaration, lack of disclosure, and creative accounting practices. A nationwide audit of Ghana's arrears portfolio has saved the state about GH¢13 billion, after uncovering irregular and unverified claims.
What's Next?
The IERPP's demand for transparency from the Finance Minister comes as the government struggles to manage its debt. The Minority's concerns over debt transparency and long-term targets have also raised questions about the government's ability to manage its debt effectively. The government's response to these concerns will be closely watched, as the country continues to grapple with the challenges of debt management.
Source: 3News
