Ghana’s debt stock rises by GHC16.9billion in the first quarter of 2020

The Bank of Ghana (BoG) has revealed that the country’s debt stock increased by GHC16.9billion in the first quarter of 2020.

Finance Minister, Ken Ofori-Atta

This was contained in the BoG’s Summary of Economic and Financial Data. The data said the country’s total debt stock as of March 2020 was at GHC236.1 billion representing 59.3% of the GDP.

The data showed that Ghana’s debt increased from GHC219.2 billion in January this year, to GHC236.1 billion by March 2020.

A breakdown of the data shows that Ghana’s debt increased byGHC 38.1 billion on a year-on-year basis, which is from March 2019 to March 2020.

The debt stock on the domestic side was GHC111.3 billion, while the external component of the debt went up to GHC124.8 billion.

Total assets in the banking sector grew from GHC111.2 billion in March 2019 to GHC133.5 billion in March 2020. Total deposits also increased from GHC73 billion to GHC84 billion in the same period.

However, Ghana’s total export receipts reduced from $4billion in March 2019 to $3.9 billion in March 2020.

The country made $1.4 billion from gold. Cocoa and oil fetched $959.5 million and 874.1 million dollars respectively from January 2020 to March 2020.

On import within the first three months of the year, it brought in $2.9 billion. The import of oil recorded $511million while non-oil import was at $2.48billion.

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