Prof. Peter Quartey
Famend economist and improvement finance skilled, Prof. Peter Quartey, is about to ship a extremely anticipated lecture on the Ghana Academy of Arts and Sciences (GAAS) on the subject: Debt, Funding, and Development in Ghana: Did We Borrow to Eat?
The lecture on Thursday, March 13, which types a part of the Academy’s prestigious inaugural lecture sequence, will study Ghana’s debt accumulation, funding patterns, and financial development over time.
Debt accumulation is a standard function amongst growing economies attributable to low home financial savings, excessive present account deficits, and important capital imports wanted to complement home assets.
Prof. Quartey will analyse whether or not Ghana’s debt accumulation has translated into productive funding and financial development or if it has primarily funded consumption and debt servicing.
Historic information reveals a fast improve in Ghana’s debt-to-GDP ratio, which rose from 42.9% in 2013 to 61.9% in 2018, peaking at 82.9% in 2023 earlier than barely declining to 76.0% in 2024.
Nonetheless, authorities capital spending—a necessary measure of funding—has been on a downward pattern. Capital spending as a proportion of complete authorities expenditure fell from 24.5% in 2010 to 12.6% in 2023. Moreover, capital expenditure as a share of GDP declined from 6.9% in 2010 to a mere 2.5% in 2023, elevating considerations in regards to the productive use of borrowed funds.
A big shift in Ghana’s debt construction has seen the nation transfer from multilateral lending to the dearer worldwide capital markets.
This shift brings recent challenges in assessing the influence of debt on funding and financial development.
Prof. Quartey, in briefs he shared with Myjoyonline.com, stated his lecture will discover whether or not the elevated debt ranges have led to substantial financial improvement or if they’ve been channelled primarily towards debt servicing and consumption.
The broader sub-Saharan African context displays related traits, with debt-to-GDP ratios climbing from a median of twenty-two.5% in 2007 to 59.8% in 2023. This development in debt raises necessary questions on fiscal sustainability, financial resilience, and the position of presidency coverage in managing debt for long-term financial stability.
The Ghana Academy of Arts and Sciences has a longstanding custom of internet hosting distinguished students to current lectures on modern nationwide and international points.
Initially unique to invited visitors and Fellows, the Academy’s lectures at the moment are open to most people attributable to their rising relevance and recognition.
Prof. Quartey’s evaluation of Ghana’s debt-investment-growth nexus is predicted to supply crucial insights for policymakers, economists, and most people.
His experience in improvement finance, financial coverage, and personal sector development makes him well-positioned to supply a complete evaluation of Ghana’s fiscal trajectory, particularly approaching the heels of the simply outdoored 2025 Funds of the John Mahama-led new authorities.
About Prof. Peter Quartey
Prof. Peter Quartey is a number one economist with over 24 years of expertise in improvement finance, financial and monetary sector improvement, and coverage consulting. He holds a PhD in Growth Economics from the College of Manchester, an MSc in Quantitative Growth Economics from the College of Warwick, and an MPhil and BA in Economics from the College of Ghana.
He’s at the moment the Director of the Institute of Statistical, Social, and Financial Analysis (ISSER) on the College of Ghana and serves on a number of boards, together with the Agricultural Growth Financial institution and The Starvation Venture (Ghana). His analysis contributions embrace over 80 peer-reviewed publications, and he has held visiting scholar positions at establishments such because the Worldwide Financial Fund (IMF) and the Brookings Establishment in america.
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