According to recent information made available by the Bank of Ghana, Ghana’s entire public debt stock would reach GH575.7 billion by the end of November 2022.
Due to the rising debt amount, Ghana’s debt to Gross Domestic Product (GDP) ratio has increased from 75.9% in September 2022 to 93.5% as of today.
According to a review of economic and financial data published by the Bank of Ghana in January 2023, the debt stock grew by GH108.3 billion between September and November 2021.
In November 2022, the external portion of the nation’s national debt soared to GH382.7 billion, or 62.1% of GDP.
From GH271.7 billion in September 2022, this amount.
The Ghanaian government is now unable to pay its obligations because of severe financial issues.
The government introduced a domestic debt exchange scheme last year and stated that an external restructure was being discussed with creditors in an effort to provide some relief.
A comprehensive debt restructuring is a need for IMF funding, according to their statement.
Since the beginning of 2022, the nation has been battling to restructure its debt due to downgrades by many credit rating agencies due to worries that it wouldn’t be able to issue fresh Eurobonds.
The total public debt is defined by the Bank of Ghana as Central Government debt minus State Owned Enterprises/Special Purpose Vehicles Debt.