- The Bank of Ghana says Ghana's total debts makes up 72.9 percent of GDP
- The report indicates that most of the nation's external debts were aggregated from 43.4 percent GDP of external debt stock
- This means that Ghana's total debt stock rose by 27.7 percent between December 2014 and 2015
The Central Bank has revealed that Ghana's total debts equals 72.9 percent of the country's economic output measured by gross domestic product (GDP).
This revelation shows that Ghana's debt stock rose to US$25.6 billion or GH¢97.2 billion in December last year - a development economists describe as troubling.
Fiscal data released by the Bank of Ghana (BoG) proves that out of the total debt stock at the time, domestic debt amounted to GH¢39.4 billion (29.5 per cent of GDP) while the rest, GH¢57.8 billion (43.4 per cent of GDP), was external debt. That means that in cedi terms, the national debt burden grew by 27.7 per cent between December 2014, when it was GH¢76.1 billion (67.1 per cent of GDP), and December last year, when it peaked at GH¢97.2 billion.
Meanwhile the Central Bank has further revealed troubling accounts of the dwindling returns in Ghana's export earnings. It showed that by December last year, total export earnings were US$2.56 billion, down from US$2.88 billion in March the same year.
Earnings from cocoa exports, which led the pack of export revenue, were US$834 million, while those from gold and oil were US$730.5 million and US$417 million, respectively.