Economics Professor and Director at the Institute of Statistical, Social and Economics Research (ISSER), Prof. Peter Quartey, says the suspension of external debt repayment is advantageous to the country.
Speaking on Joy FM’s Super Morning Show on Tuesday, he noted that the suspension would provide a temporary respite for the nation and enable Ghana to use the money intended to service her debt for other purposes.
“Well, I must say that this is a temporary respite for us. The money that we will use to pay our debts we would have the leverage to use that money to do other things for now. So, it’s a temporary relief for us.”
Another benefit that he highlighted was that it would relieve the local currency of some pressure.
This, he explained, will occur because the foreign currency allocated for debt repayment will be directed toward critical sectors such as oil marketing companies or other institutions that require foreign exchange.
Peter Quartey added that the suspension was intended to buy Ghana some time and provide an opportunity for more comprehensive debt restructuring negotiations with internal creditors.
Despite the aforementioned potential benefits enlisted by Prof. Quartey, he cautioned Ghanaians to be mindful that the suspension did not mean "our debt had been forgiven."
He advised the government to use whatever relief or resources they would attain judiciously since repayment of the debt was inevitable.
Latest Stories
-
Quincy Jones: His brilliance explained in 10 songs
3 hours -
Nigeria and Britain hail partnership to boost economic ties, security
4 hours -
Chad threatens to withdraw from multinational security force
4 hours -
Cocoa farmers hoard beans in anticipation of price hike, reports Reuters
4 hours -
Boat capsizes off Comoros islands, 25 killed, UN agency says
4 hours -
How are votes counted in the US election?
4 hours -
Mozambique presidential runner-up escapes alleged assassination attempt
4 hours -
Nigerian children who collapsed in court released
5 hours -
Quincy Jones: From ‘street rat’ to music mastermind
5 hours -
Bawumia outlines plans to develop three major railway lines alongside road projects
5 hours -
I want you to be millionaires through my responsible mining policies – Bawumia assures miners
5 hours -
‘Constitution reigns supreme in Ghana’- Declares Attorney General
5 hours -
‘Efua Ghartey’s GBA presidency has a divine touch’, says Attorney General Dame
6 hours -
Esports Ghana: Stakeholders gear up for pivotal meeting in Accra
6 hours -
GPL 2024/25: Legon Cities beat Yong Apostles to record back-to-back wins
6 hours