Ghana’s public debt reached GH¢610 billion ($52.4 billion) at the end of 2023, the Bank of Ghana has revealed in its March 2024 Summary of Economic and Financial Data.
It went up by GH¢42.7 billion between September 2023 and December 2023, after it fell by ¢14.2 billion between June 2023 and September 2023 to ¢567.3 billion ($51.0 billion).
The total public debt stock of the country is equivalent to 72.5% of Gross Domestic Product (GDP).
This suggests that the country’s debt situation has not improved despite completing the Domestic Debt Exchange Programme during the period.
While the domestic debt went up by GH¢19.1 billion, the external debt increased by GH¢23.6 billion, largely as a result of the cedi depreciation.
The data from the Central Bank also revealed that the external component of the total public debt stood at $30.1 billion (¢350.3 billion) in December 2023. This represented 41.6% of GDP.
In terms of the domestic debt, it stood at ¢259.7 billion in December 2023, about 30.1% of GDP.
The report again failed to provide data for the financial sector resolution debt and other liabilities such as the energy sector debt.
Fiscal deficit to GDP stood at 3.3%
The report also revealed that the government’s fiscal operations was on target as the deficit-to-GDP stood at 3.3% in December 2023, as against 8.3% of GDP in December 2022.
The primary balance was however a surplus of 0.4% of GDP in December 2023.
Ghana suspended interest payments on loans to its external creditors in December 2022, following the economic challenges faced by the country.
The country is currently negotiating a deal with the bondholders after successfully negotiating a deal with the bilateral creditors in January 2024.
Latest Stories
-
Boeing strike ends as workers accept new contract
41 mins -
GAF will not relent in its quest to counter external threats – GOC Southern Command
44 mins -
Election 2024: Bawumia reiterates commitment to promote sustainable mining practices
45 mins -
Ensign Global College promotes health and community well-being at Ngmayem Festival 2024
48 mins -
Bobrisky reveals reason for leaving Nigeria
1 hour -
Tiwa Savage discloses ‘craziest thing I’ve ever done for love’
1 hour -
US states worried about election unrest take security precautions
2 hours -
Modi condemns violence after Canada temple incident
2 hours -
Barcelona hit by new flood as rescuers search Valencia basement car park
2 hours -
Labadi Beach Hotel pays over GH¢16m as dividend to SSNIT
2 hours -
Elon Musk can keep giving $1m to voters, judge rules
3 hours -
Election must not divide us, government will protect each citizen – Akufo Addo
3 hours -
Novel way to beat dengue: Deaf mosquitoes stop having sex
3 hours -
Trial begins over beheading of teacher who showed Prophet Muhammed cartoon
3 hours -
‘See you soon’ – Bobrisky jets out of Nigeria
3 hours