Source: Joy Business
Ghana’s public debt stock went up by ¢9 billion in July 2022 to ¢402.4 billion, the October 2022 Bank of Ghana Summary of Economic and Financial Data has revealed.
This is equivalent to 68% of Gross Domestic Product, and is in sharp contrast to the projected 10.3% of debt to GDP ratio by the World Bank.
In dollar terms, the country’s debt dropped marginally to $53.2 billion in July 2022, from $54.4 billion in June 2022.
A careful look at the data suggests that the country did not borrow fresh funds from the international market during the period. However, the debt level will go up, following the $750 million Afrieximbank loan that came in August 2022.
According to the data, the external debt remained largely unchanged at $28 billion, equivalent to 35.8% of GDP.
The domestic debt however has been going up since January 2022 because of the significant borrowing by the government in the domestic financial market.
It stood at ¢190.3 billion in July 2022, from ¢190.1 billion in June 2022.
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