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Shift towards non-sovereign debt – World Bank
With Ghana being at risk of debt distress, the World Bank has recommended that government should consider moving towards non-sovereign debt, which is backed by the private sector.
This call was made by the Country Director of the World Bank, Henry Kerali, whose mission to Ghana ends on June 30, 2019, at a media interaction in Accra.
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Kerali said this form of debt would be much more efficient in implementing projects as well as development activities compared to public sector debt.
"So shifting from public to private borrowing where there is more efficiency and increase in production is an area the government need to look at," He noted.
"We recommend that the country reduces non-concessionary borrowing that are at high interest rates and substitute that with concessional borrowing," Kerali recommended.
Data from the Bank of Ghana reveals that the country's public debt has risen to GHc198 billion, equivalent to US$38.9 billion as at the end of March this year.
To be sure, foreign creditors are not deceived by the statistical improvements in Ghana's public debt situation, as conjured by rebasing of the economy.
Kerali's top priorities
Kerali's top three priorities whilst serving in Ghana, Liberia and Sierra Leone have been to;
(i) Work closely with the three partner countries to provide innovative products and services that respond to their diverse development challenges and contribute to achieving sustainable economic growth and poverty reduction, with a specific emphasis on post-Ebola recovery;
(ii) Manage the Accra office and lead and support staff and the country management team, working closely with internal and external partners, to enhance results; and
(iii) Contribute to regional and corporate initiatives.
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