…grew by Ghc44.1billion between 2018 and 2019 alone
The country’s total debt stock is now Ghc218billion having grown by a whopping Ghc44.1billion between December 2018 and December 2019.
The figures are highlights from the Bank of Ghana’s December summary of economic and financial data. It was released after the Bank’s Monetary Policy Committee had met this week.
This new debt level means Ghana’s debt to GDP ratio is now 63.0%
Per the breakdown, US$20.3billion of the total debt stock is from external sources. This constitutes 32.5% of GDP.
Local component of the debt is Ghc105.5billion which constitutes 30.5% of GDP.
The new debt numbers means Ghana’s debt has grown by a whopping Ghc44.1billion since December 2018 when the BoG released updates on the country’s debt.
BoG attributes the debt hike to depreciation in the cedi and the financial sector clean up.
This new debt figure means every Ghanaian is now owing GH¢ 7, 266.