Akufo Addo Balloons Ghana’s Debt to ¢335.9 billion

-Every Ghanaian owes GHC 12,000

By the end of July 2021, the country’s total debt overseen by the Akufo Addo administration had hit Ghc335.9 billion.

This means in just two months the Akufo-Addo government has added Ghc3.5billion more to the country’s debt. 

In May 2021, the total public debt stood at ¢332.4 billion, equivalent to, about 75.7% of Gross Domestic Product (GDP).

The new debt levels equal 76.4% of GDP according to the latest data from the Bank of Ghana. This means that if spread across the 30 million Ghanaians, everybody owes approximately GHC 12,000.

Even so, the rate of increase has slowed down considerably – in May 2021, GH¢27.8 billion had been added to the debt stock.

A breakdown of the debt shows the domestic component of the debt increased by ¢173.9 billion from ¢170.8 billion in May 2021- equivalent to 39.5% of Gross Domestic Product.

For the external component, it increased by US$100 million in May 2021 to $28 billion in July 2021 representing some 37.0% of GDP.

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