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.

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