Ghana's debt hits an amazing ¢137 billion

Ghana's debt hits an amazing ¢137 billion

- Ghana's debt to GDP currently stands at ¢137 billion

- The Bank of Ghana says the debt increased from ¢127.8 billion to ¢137.2 billion

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It has emerged that Ghana's public debt as at May 2017 increased to ¢137 billion, a report from the Bank of Ghana has revealed.

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This was made known during an assessment of the economy in the span of 3 months under the Nana Addo administration by the monetary policy committee of the Central Bank.

The report showed that the debt stock increased by ¢9.4 billion in three months from ¢127.8 billion to ¢137.2 billion.

It is not clear for now whether the increase was caused by fresh borrowing by government, the cedis' depreciation or some commitment that government had to deal with.

However, sources say the increase can be attributed to the recent $2.25 billion bond issued by government in April.

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External debt accounted for $17.1 billion, while domestic debt stood at almost ¢63.9 billion. The ¢137 billion debt stock or public debt for May ending was more than the ¢105 billion recorded in the same period for last year.

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