Mr. Seth Terkper, Minister of Finance, has said that the current public debt situation was not entirely the doing of the current administration.
He explained that the repayment periods for loans could span several years or decades hence Ghana was still in the process of repaying for loans contracted long ago.
He added that government was doing well to keep the lid on public debt with its debt policy.
Commercial loans would be used to execute only projects that could fully or at least partially refund the loans, in order to lessen the burden on the taxpayer.
The Minister was interacting with the press after a review of the 2015 budget on Thursday.
He said the projected petroleum revenue in the 2015 budget was based on an estimated crude price of $99.3 per barrel but that oil prices had declined now to about $60 per barrel.
The review had now projected the revenue based on an oil price of about $50 per barrel, the price forecast of the International Monetary Fund (IMF).
Reacting to concerns about financial loss to be incurred from ballot papers which were printed for the cancelled district elections, he said the loss would not be as huge as some people were speculating.
He explained that though the district level elections have been suspended by the Courts, the ballot papers have not been rendered completely useless and would still be applicable unless in cases where an aspirant backs out.