- The latest details from the Bank of Ghana show that Ghana's total debt stock grew from GHC173.1 billion in 2018 to GHC218 billion in 2019
- The 25.93% increase represents an addition of GHC44.9 billion to the country’s total debt stock
- The 2019 total debt figure of GHC218 billion represents 63% of Ghana's GDP
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Ghana’s total debt stock in the year 2019 grew by 25.93%, the Bank of Ghana has revealed.
The country’s debt, therefore, increased from GHC173.1 billion in 2018 to GHC218 billion in 2019.
The latest figure shows an addition of GHC44.9 billion to the country’s total debt stock.
Per a report by citibusinessnews, the details were part of the Summary of Economic and Financial Data.
The latest debt figure of GHC218 billion represents 63% of Ghana’s Gross Domestic Product (GDP).
Sub-components of the debt stock show that GHC105 billion out of the amount represents the domestic component of the debt.
The external component of the debt was calculated as $20.3 billion, which represented 32.5%.
The Akufo-Addo-led government, in 2019, announced measures intended to ensure the country’s debt level does not reach unsustainable levels.
In the banking sector, non-performing loans fell from 18.4% in January 2019 to 13.6% in January 2020.
Again, total assets accumulated by banks grew from GHC106 billion in January 2019 to GHC128.5 billion in January 2020.
Meanwhile, commercial banks in Ghana ended the year 2019 with a cumulative profit after tax of GHC3.3 billion.
This represents a strong growth of 38% of the 2018 profit recorded, the Bank of Ghana (BoG) announced.
The central bank indicated that the increase in profit was a result of increases in both net interest income as well as fee and commission income surging past the increase in operating expenses.
The results led to increased profitability indicators such as the after-tax Return on Equity (ROE) and before-tax Return on Assets (ROA)
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