Ghana’s debt stock now GH¢575bn; debt to GDP ratio stands at 93.5%
The Bank of Ghana’s latest data reveals the country’s debt stock now stands at GH¢575.7 billion at the end of November 2022.
The new debt figure brings Ghana’s debt to Gross Domestic Product (GDP) ratio to 93.5% from 75.9% in September 2022.
In January 2023, the Bank of Ghana’s economic and financial data summary revealed that the debt stock increased by GH¢108.3 billion between September and November 2021.
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Also, Ghana’s external component of the public debt shot up to GH¢382.7 billion in November 2022, equivalent to 62.1% of GDP.
This was from GH¢271.7 billion in September 2022.
Ghana government has had to resort to a domestic debt exchange programme to service its debts.
This has become a precondition to meet a bailout from the International Monetary Fund.
The country has been struggling to refinance its debt since the start of 2022 after downgrades by multiple credit rating agencies on concerns it would not be able to issue new Eurobonds.
According to the Bank of Ghana, the total public debt is defined as Central Government debt excluding State Owned Enterprises/Special Purpose Vehicles Debt