Every Ghanaian owes GH¢11,116 as Ghana's debt increases by ¢3.5 billion

Every Ghanaian owes GH¢11,116 as Ghana's debt increases by ¢3.5 billion

  • Ghana's latest debt stands at ¢335.9 billion
  • The debt increased by ¢3.5 billion in two months
  • Each Ghanaian, by this, owes ¢11,116

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The total amount of Ghana's public debt in July 2021 is now ¢335.9 billion, increasing by ¢3.5 billion in just two months.

This figure, coming from the summary of economic and financial Ddata by the Bank of Ghana puts the country's debt at 76.4% of Gross Domestic Product.

Every Ghanaian owes GH¢11,116 as Ghana's debt increases by ¢3.5 billion
Every Ghanaian owes GH¢11,116 as Ghana's debt increases by ¢3.5 billion. SOURCE: Getty Images
Source: Getty Images

In May 2021, the nation's total public debt stock stood at ¢332.4 billion, equivalent to $57.9 billion, about 75.7% of Gross Domestic Product.

Should the debt be distributed among Ghana's population, each Ghanaian owes ¢11,116 cedis in July.

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In June, recent statistics from the IMF show that Ghana's debt is currently GHȼ332.4 billion cedis. What this means is that every Ghanaian will owes GHȼ11,000.

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This was GHC1,433 more than what was owed by the close of December 2020. That is, from GHȼ9,700 in 2020 to GHȼ11,133 as of June ending 2021.

Further analysis suggests that between March and June ending 2021, the country's debt stock meant the ordinary Ghanaian had an additional individual debt burden of GHȼ1,000.

Source: Yen.com.gh

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