Public debt is now GH¢172.9 billion - Bank of Ghana announces

Public debt is now GH¢172.9 billion - Bank of Ghana announces

- Ghana's debt has increased from GH¢139.3 billion in November 2017 to GH¢172.9 billion in November 2018

- This represented a 24.1% growth within a 12-month period

The Bank of Ghana (BoG) has disclosed that Ghana’s public debt now stands at GH¢172.9 billion as at November 2018.

This was after it increased from GH¢139.3 billion in November 2017, representing a 24.1% growth within the 12-month period.

In nominal terms, it shows that the country added GH¢33.6 billion to the debt stock within the period.

A man wearing a white shirt

Minister of finance, Ken Ofori Atta Source: Supplied
Source: UGC

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Graphic.com.gh reports that, as a percentage of gross domestic product (GDP), which measures the value of total goods and services produced in a year, the November 2018 debt stock is equivalent to 57.9% of GDP while that of 2017 was 54.3% of GDP.

The new ratios are based on the rebased GDP figures which saw the economy expand by 24.7% in 2017.

The data showed that the growth in the debt within the period was fuelled more by the domestic component.

While the domestic debt grew from GH¢64.2 billion in November 2017 to GH¢86.5 billion in November 2018, the external debt rose by 14.3 per cent within the same period.

It rose from GH¢75.1 billion in November 2017 to GH¢86.3 billion in November 2018, according to the data.

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Source: Yen.com.gh

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