Ghana’s public debt falls by GHc14.2bn; now 66.4% of GDP

• Posted on November 27, 2023November 27, 2023
• by Nana Kwesi Coomson
• Comment

Ghana’s public debt has fallen to GHS 567.3 billion as of September 2023.

This is a GHS14.2 billion decrease compared to the GHS 581.5 billion recorded in June 2023.

According to latest data from the Bank of Ghana, the new public debt figure represents 66.4 percent of Gross Domestic Product (GDP).

Comparatively, the public debt stock has risen by GHS 8.5 billion since January 2023 and GHS 88.5 billion since September 2022.

In dollar terms, the total debt stock stood at US$51.0 billion as of June 2023.

These are according to the Bank of Ghana’s Summary of Economic and Financial Data for November 2023.

External debt accounted for GH?326.7 billion (US$29.4 billion), while domestic debt accounted for GH?240.6 billion.

Both external and domestic debts have witnessed some marginal decreases since June 2023.

External debt fell by GHS 1.9 billion from GH? 328.6 billion (June 2023) to GH? 326.7 billion (September 2023).

Domestic debt declined by GH? 12. 3 billion, compared to the June 2023 figure of GH?252.9.3 billion for the same period.

Nominal GDP, on the other hand, stood at GH?854. 8 billion as of September 2023, up from the GH?610.2 billion recorded in September 2022.

-Citi