Ghana’s debt stock increased by GHC16.9 billion in First Quarter of 2020 - New BoG Report
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Ghana’s debt stock increased by GHC16.9 billion in First Quarter of 2020 - New BoG Report

- Ghana’s debt stock increased by GHC16.9 billion, a new report by the Bank of Ghana has shown

- Total debt stock as at March 2020 was GHC236.1 billion, which is 59.3% of GDP

- Ghana’s debt increased by GHC38.1 billion, from GHC219.2 billion to GHC236.1 billion from March 2019 to March 2020

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A new report from the Bank of Ghana (BoG) shows that Ghana’s debt stock increased by GHC16.9 billion between January and March 2020.

The 2020 Quarter 1 results were part of a Summary of Economic and Financial Data released by the Central Bank.

The Report shows that Ghana's total debt stock as of March 2020 was GHC236.1 billion, which is 59.3% of the Gross Domestic Product (GDP).

READ ALSO: Banking Sector Report shows more banks are releasing funds as loans to customers

Per a report by citinewsroom.com, the Report also shows that Ghana’s debt increased by GHC38.1 billion, from GHC219.2 billion to GHC236.1 billion, on a year-on-year basis, from March 2019 to March 2020.

The domestic component of the debt was reported to be GHC111.3 billion while the external component of the debt reached GHC124.8 billion.

In the banking sector, the Total Assets of banks grew from 111.2 billion cedis in March 2019, compared to 133.5 billion cedis in March 2020.

Total deposits also increased from 73 billion cedis to 84 billion cedis within the same period.

YEN.com.gh earlier reported that 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.

READ ALSO: Report shows Banks recorded GHC38 billion profit in first two months of 2020

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Source: Yen.com.gh

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