Ghana’s debt stock has increased to ¢208.6b - BoG report

Ghana’s debt stock has increased to ¢208.6b - BoG report

The Bank of Ghana’s financial and economic data has revealed the country’s debt stock has increased by ¢3.1 billion compared to the July debt stock of ¢205.5 billion.

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The BoG’s report shows that Ghana’s debt stock now stood at ¢208.6 billion as at end of September 2019.

The development means that for the country to settle the debt every Ghanaian must pay about ¢6,950 if the debt is shared among the population size of 30 million. 

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The country’s debt-to GDP ratio is 60.3%, representing GH¢208.6 billion.

Breakdown of the debt shows that ¢107.2 billion is from loans government took from outside and domestic debt stands at ¢101.4 billion.

According to the central bank, the increase in the Ghana’s debt stock can be attributed to the cedi’s marginal depreciation and also the funds government used top cleanup the banking and non-banking sectors of the economy.

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Ghana’s debt has seen some increase over the last two years. The country’s total public debt stock increased from ¢142.6 billion as at end of December 2017 to ¢173.1 billion as at end of December 2018.

The current situation, analyst say will impact the country’s debt servicing bill. Finance Minister, Ken Ofori Atta projected that ¢ 21.7 billion will be used in paying interest in the 2020 budget.

YEN.com.gh earlier reported that photos and details of defaulters of the Students Loan Trust Fund (SLTF) scheme have been published in the Daily Graphic newspaper.

According to the board and management of the government student loan scheme, the list is a compilation of defaulters from 2010.

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Source: Yen

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