Ghana to borrow $2.3 million to meet financial obligations

Ghana to borrow $2.3 million to meet financial obligations

The Bank of Ghana (BoG) has stated that the government of Ghana would borrow some $2.3 million (GH¢12.1 million) for the second quarter of 2019 to meet its financial obligations.

The said amount would be from various financial instruments in the country.

This revelation was made in a report published by the BoG on its website on Monday, May 20, 2019.

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The report shows that out of the total amount, the government would use $2 million (GH¢11.53 million) to roll over maturities. The remaining would be used to meet the government’s financing requirements.

The report also shows that this was slightly higher than the government’s debt instruments within the same period for the previous year.

In the second quarter of 2018, the government borrowed an amount of $2, 177 million (GH¢11,325.00) million, out of which $1,682 million (GH¢8,748.00 million) was used to roll over maturities.

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Obligations to service debt have also increased significantly by more than a quarter within the same period between the two years.

The BoG’s Summary of Economic and Financial Data released in the first quarter of 2019 showed that Ghana’s debt stock increased by 21.5 percent as of the end of 2018, adding $5.9 billion (GH¢30.6 billion) to the $27.4 billion (GH¢142.6 billion) debt of 2017.

Ghana’s debt stock, therefore, hit $33.3 billion (GH¢173.2 billion) and its external debt at the end of 2018 stood at $16.6 billion (GH¢86.3 billion). The two represent 28.9 percent and 29.1 percent of GDP, respectively.

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Source: Yen

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