‘Slow down on the borrowing and fix your country’ – President of World Bank tells Government.

The president of World Bank, Mr. David Malpass has cautioned the government of Ghana to slow down on its excessive borrowing and focus on fixing the economy.

President Akufo-Addo was in France not long ago to secure a loan facility worth £170 million for the Development Bank of Ghana.

The World Bank after hearing the above news advised Ghana to take a break on borrowing and concentrate on solving its economic issues so as to fix the country’s rising debt stock.

Records show that over the years, Ghana’s debt stock stands at a whooping GHS 291 billion which translates into 76% of the total value of the country’s economy.

Due to this, Ghana has been classified as a country with high risk of distress. It is at the back of this that Mr Malpass advised the government to tread cautiously least risk endangering future generations in the country.

World Bank President, David Malpass, is asking government to slow down on its borrowings and deal with the country’s rising debt stock.

Ghana’s debt stock stood at GHS 291 billion, translating into 76% of the total value of the country’s economy… #JoySMS

— Joy 99.7 FM (@Joy997FM) May 24, 2021

Read some reactions below; 

One day we will just get up and start tagging IMF and world Bank with a hashtag. They should stop giving loans to our leaders. Just one day. Make you people prepare

— KALYJAY 👻 (@gyaigyimii) May 24, 2021

World Bank President, David Malpass, is asking government to slow down on its borrowings and deal with the country’s rising debt stock.

Ghana’s debt stock stood at GHS 291 billion, translating into 76% of the total value of the country’s economy… #JoySMS

— Joy 99.7 FM (@Joy997FM) May 24, 2021

The Bank has already classified Ghana as a high risk of debt distress, with a review expected in the coming months.

But responding to a question by Joy Business through a virtual meeting from Washington DC Mr. Malpass said he is worried about the impact of this… #JoySMS

— Joy 99.7 FM (@Joy997FM) May 24, 2021