Ghana Must Do More to Cut Spending, Finance Chief Pick Says
Live Mint-- Cassiel Ato Forson, who’s poised to become Ghana’s next finance minister, said the West African nation must do more to cut spending to stabilize an economy that’s struggling to recover from a debt crisis. “We will manage the debt,” said Forson, adding that Ghana has to pay back 12.6 billion cedis of domestic debt this year alone. Ghana unilaterally suspended payments on most of its external debt two years ago and proceeded to restructure much of its 575.7 billion cedis of public liabilities to qualify for the IMF program, which requires the country to bring that burden down to 55% of gross domestic product by 2028. To bring liabilities under control, Ghana plans to set up an independent debt management office, according to Forson, who contributed to the new governing party’s manifesto.
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IMF agrees to give Ghana $3 billion debt bailout
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