We are confident to achieve 55% debt-to-GDP ratio in 2028 – Ofori-Atta

Finance Minister, Ken Ofori-Atta, has expressed optimism that government will achieve a debt-to-Gross Domestic Product ratio of 55% by 2028 despite the exemption of pension funds from the debt exchange programme.

According to him, government and stakeholders are also committed to ensuring a programme from the International Monetary Fund is secured on time to bring back live into the Ghanaian economy.

Commenting after government and organised labour reached an agreement to exempt pension funds from the debt exchange programme, Mr. Ofori-Atta said though exempting pension funds comes as a cost to government, government and organsied labour will work together to close the fiscal gap.

“Obviously, the issue of exempting pension funds from it [debt exchange programme] is at a cost and we have committed – government and organise labour – to work together to ensure that we find means of plugging a hole that would ensure that we would return to the 55% thresh hold (debt-to-GDP) . I think that we are all committed to it because we know it is important to lead us to a board agreement [with the IMF] so that we continue with this success that we have.”

“We are all in the spirit of Christmas and with the partnership that we have, I want to thank everyone who participated in the way forward”, he pointed out.

Mr. Ofori-Atta also said the 2023 Budget which the appropriation was passed by parliament yesterday further bring confidence to the economy.

“Yesterday, as you know, at 4:30 pm, parliament passed the appropriation and the budget [2023] further bring confidence as to where we are going. So of course, the strength have been renewed to the spirit of the direction of where the nation is going.