Government adds GH¢5.9 billion fresh loans to ¢341.8 billion public debt

Government adds GH¢5.9 billion fresh loans to ¢341.8 billion public debt

  • Ghana owes a total of ¢ 341.8 billion in debt since September
  • The government has added 9 5.9 billion new loans to debt
  • Economists are concerned about the impact on Ghana's economy

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Ghana's public debt reached ¢ 341.8 billion by the end of September 2021, revealed Ghana Bank Bank Summary of November 2021 Economic and Financial Data.

This equates to 77.8% of Gross Domestic Product (GDP) and confirms the concerns of analysts and economists that the country's debt has reached alarming levels.

Government adds GH¢5.9 billion fresh loans to ¢341.8 billion public debt
Government adds GH¢5.9 billion fresh loans to ¢341.8 billion public debt. Photo: Getty Images
Source: Depositphotos

Between July and September 2021, ¢ 5.9 billion new loans were added to the total debt. The increase in debt is mainly due to domestic debt and also due to a slight decrease in cedi to the dollar.

However, the government has indicated in its 2021 Quarterly Release Calendar that it will borrow about billions of cedis, so many market observers, analysts and economists will be optimistic that the debt rate in the last quarter of this year will be at least stable from the current level.

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According to a report from the Bank of Ghana, domestic debt increased to ¢ 178.1 billion in September 2021, from € 173.9 billion recorded in July 2021. This equates to 40.5% of GDP.

Source: Yen.com.gh

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