The Country Representative of the International Monetary Fund (IMF) in Ghana, Dr. Albert Touna Mama, has advised the government of Ghana to pay critical attention to issues that can send the country back to taking another bailout from his Fund.Mama expressed concern over the high risk of debt distress, weak domestic revenue mobilsation, off-budget transactions and a high level of fiscal risk from the energy sector issues that could erode the gains the country made in revitalising the economy.
Speaking at a programme in Accra, Mama said the government should get the foundations right, so as to keep the nation from relapsing into huge debts to warrant their going back to the IMF for another bailout.
The Daily Graphic on Tuesday reports that his statement has come at a time Ghana has been described as a high risk distress country by the IMF and World Bank.
This follows a joint debt sustainability analysis of the institutions, which revealed that Ghana’s debt to GDP ratio, debt service ratio and debt-to-export ratio breached the required limits, thereby putting the country at a position, risking to be in debt distress.
In the light of the above, Mama stated that it was very crucial for Ghana to reduce its debt stock.