Bank of Ghana data shows that Ghana’s debt stock hit GH¢200 billion in May 2019

The Bank of Ghana says the country’s total debt stock has now hit GH¢200 billion as at the end of May 2019.

Finance Minister, Ken Ofori-Atta

This was contained in the central bank’s summary of financial and economic data that reviewed the health of the economy.

According to the data, the new debt stock figure means that since May 2018 the total debt stock has gone up by some GH¢45.9 billion.

The total debt stock has gone up by some GHS2 billion, since the last time that the data was released in March. The GH¢200 billion debt now represents about 58% of the total value of the economy or 58% of Gross Domestic Product (GDP). 

The increase over the last two months, the bank said can be attributed to the cedis' marginal depreciation and recent funds advanced to clean up the banking and non-banking sectors of the economy.

Breakdown of the debt numbers

The Bank of Ghana’s data showed that out of the GH¢200 billion total debt stock, external debt accounted for GH¢105 billion of the debt, expressed in dollar terms that about $20 billion. This was about 30.6% of GDP.

The funds that were borrowed locally, or domestic debt, was GH¢94.6 billion, representing 27.5% of Ghana’s GDP.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

Africa’s richest man Aliko Dangote seeks to raise an additional $1.1 billion to complete his refinery project by 2023

Africa’s richest man Aliko Dangote seeks to raise an additional $1.1 billion to complete his refinery project by 2023

9 most expensive African countries to rent a one bedroom apartment, based on property price to income ratio

9 most expensive African countries to rent a one bedroom apartment, based on property price to income ratio

Top 10 happiest countries in Africa in 2022

Top 10 happiest countries in Africa in 2022

Here are the top 10 cities in Africa where the most rich people live

Here are the top 10 cities in Africa where the most rich people live

Africa’s richest man Aliko Dangote poised to overtake another Russian billionaire Vladimir Lisin on Bloomberg billionaires list

Africa’s richest man Aliko Dangote poised to overtake another Russian billionaire Vladimir Lisin on Bloomberg billionaires list

Mzee Kibor's will made public, revealing how vast wealth and millions will be distributed

Mzee Kibor's will made public, revealing how vast wealth and millions will be distributed

Ini Edo posts new photos amid reports of welcoming a baby through surrogacy

Ini Edo posts new photos amid reports of welcoming a baby through surrogacy

These 6 countries have the highest unemployment rates in Africa

These 6 countries have the highest unemployment rates in Africa

Top 10 African countries with the highest corporate tax rates

Top 10 African countries with the highest corporate tax rates