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    Ghanaian press highlights warning on soaring public debts

    APA-Accra (Ghana)

    The warning issued by the Institute of Fiscal Studies (IFS) on the spate of increasing public debts dominates the headlines of Ghanaian newspapers on Wednesday.

    The Ghanaian Times, Daily Graphic and others said the IFS has cautioned that Ghana's interest on its public debt could hit GH¢69 billion ($15.33 billion) by the end of December.

    The Ghanaian Think-tank, said the trend has become alarming owing to government's consistent borrowing, thereby widening both the public debts and interest accruing on the debts.

    The Executive Director of IFS, Professor Newman Kusi, has disclosed in a presentation in Accra that the interest on debts started increasing steadily over the years but reached alarming proportions from the year 2012.

    In another development, the Economy Times said the Bank of Ghana has announced that it anticipates lower inflation rates and stronger banks owing to the continued stability in the exchange rate, strong commitment to fiscal consolidation and declining inflation.

    The Ghanaian Times, in another story, says the Auditor General has expressed concern over the practice where retired public officials were re-engaged on contracts, explaining that it has brought undue pressure on the public purse.

    It also deprives young graduates of the chance to be recruited into various employments and delay the promotions and progress of serving officials.


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