Ghana ended 2023 with GH?610bn public debt; a 27% increase

Ghana’s public debt increased to GH?610 billion as at December 2023.

Comparatively, this is a 26. 85 percent rise from the GH?446.3 billion recorded in December 2022.

The new debt figure represents 72.5 % of Gross Domestic Product.

According to the Bank of Ghana’s Summary of Economic and Financial Data for March 2024, the country’s public year-to-date debt level increased by GH? 163.7 billion despite the successful completion of the domestic debt exchange.

In dollar terms, the total debt stock stood at US$52.4 billion largely due to the free fall of the local currency.

External debt accounted for GH?350.3 billion (US$30.1 billion), while domestic debt accounted for GH?259.7 billion representing 30.9 percent of GDP.

While the external debt went up by GH? 109.4 billion that of domestic debt also increased marginally by GH? 54.3 billion.

Nominal GDP increased from GH?614.3 billion to GH?841.6 billion.

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