Here’s how much the debt stock of Ghana rose in 2018

The Bank of Ghana (BoG) has revealed that the country’s public debt stock rose to $ 35.4 billion (GH¢172.9 billion) in November 2018.

Finance Minister Ken Ofori-Atta

This follows a data the central bank released on Saturday, January 26, 2019, after the conclusion of the first 2019 Monetary Policy Committee (MPC) meeting a day earlier.

According to the BoG, the public debt stock of the country rose from $28.5 billion (GH¢139.3 billion) in November 2017 to $35.4 (GH¢172.9 billion) in November last year. This represents a 24.1 per cent growth within the 12-month period.

The country, therefore, added GH¢33.6 billion to the debt stock within the period.

The data further showed that as a per cent of gross domestic product (GDP), which measures the value of total goods and services produced in a year, the November 2018 debt stock is equivalent to 57.9 per cent of GDP while that of 2017 was 54.3 per cent of GDP.

These new ratios are based on the rebased GDP figures, which saw the economy expand by 24.7 per cent in 2017.

The data showed that the growth in the debt within the period was fueled more by the domestic component.

Meanwhile, "the external debt of the country rose by 14.3 per cent within the same period. It rose from $15.4 billion (GH¢75.1 billion) in November 2017 to $17.7 (GH¢86.3 billion) in November last year,” according to the data.

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