Ghana’s debt stock hits GHc218 billion in Dece 2019
Ghana’s debt stock has hit GH¢218 billion, according to Bank of Ghana’s December summary of financial and economic data.
The GH¢ 218 billion total debt stock puts the country’s Debt-to-GDP Ratio at 63.0 per cent, this is far lower than what the IMF had projected for the country.
A breakdown of the debt numbers shows that $20.3 billion of the debt were secured from outside the country, this is about 32.5 per cent of the total value of the economy.
On the other hand, GH¢105.5 billion was secured locally, this represents, 30.5 per cent of GDP.
The total cost of the financial sector cleanup was peg at GH¢10.7 billion, about 3.1 per cent of the GDP.
The new debt numbers mean that since September 2019, the last time that Bank of Ghana released the debt numbers, the total debt stock had gone up by some GH¢9.4 billion.
However, from December 2018 to December 2019 the debt stock has gone up by some GH¢44.1 billion.
The increase in the debt stock from September 2019 to December can be attributed to the cedi’s marginal depreciation and recent funds advanced towards the cleanup of the banking and non-banking sectors of the economy.
The data shows that domestic debt component, from July 2019 to December 2019 went up from GH¢98.3 billion to GH¢105.5 billion.