In July 2022, Ghana’s public debt stock increased by 9 billion dollars to reach 402.4 billion dollars, according to the Bank of Ghana’s October 2022 Summary of Economic and Financial Data.
This amounts to 68% of GDP, which contrasts sharply with the estimated 104.6% debt to GDP ratio by the World Bank by 2022.
The nation’s debt decreased somewhat in dollar terms from $54.4 billion in June 2022 to $53.2 billion in July 2022.
According to the data, the country did not borrow any new money during that time from the international market.
However, as a result of the $750 million Afrieximbank loan, which arrived in August 2022, the debt level will continue to rise.
The results show that the external debt, which is equivalent to 35.8% of GDP at $28 billion, remained basically unchanged.
However, from January 2022, the national debt has been rising as a result of the government’s massive borrowing on the domestic financial market.
From 190.1 billion in June 2022 to 190.3 billion in July 2022, it was.
Domestic debt was 181.9 billion in January 2022, 185.4 billion in February 2022, and 190.1 billion in March 2022, respectively.
After that, it rapidly increased to 189.2 billion in April 2022 and 188.5 billion in May 2022.
The financial industry resolution bond, on the other hand, had a decline of $100 million to $14.4 billion in July 2022.
This amounts to 2.4% of the GDP.
From 392.1 billion in March 2022 to 388.1 billion in April 2022, the country’s total public debt stock decreased.
In May 2022, it increased slightly to 389.2 billion, and then in June 2022, it increased to 393.4 billion.
Ghana was categorized as a high debt distress country by the World Bank in its most recent Africa Pulse Report due to its projected debt to Gross Domestic Product (GDP) ratio of 104.6% by the end of 2022.
A widening of the government deficit, a major depreciation of the cedi, and rising debt servicing expenses are all factors that will cause the debt, which was 76.6% a year ago, to increase significantly.