Spokesperson for President John Dramani Mahama and Minister-designate for Government Communications, Felix Kwakye Ofosu, has sounded the alarm on the nation's alarming debt servicing obligations.
He described the daunting financial situation that requires almost all national revenue to be dedicated to debt repayment. "Our economy is at a point where nearly everything mobilized will be used to service debt," Kwakye Ofosu explained on TV3's Key Point monitored by MyNewsGh.
He outlined the overwhelming fiscal burden, noting that the next year's debt servicing costs will exceed most of the national budget.
In January alone, the government made significant payments to service existing debts, and by February, additional billions will be required. "This is a country where nearly every tax and revenue collected risks being swallowed up by debt repayment," he stressed.
