Ghana’s public debt stock remained unchanged at ¢575.7 billion at the end of November 2022, about 93.5% of Gross Domestic Product, the Bank of Ghana’s March 2023 Summary of Economic and Financial Data has revealed.
The country has already undertaken a Domestic Debt Exchange Programme where there was about 85% participation from investors, largely institutional. 84.91% of ¢97.7 billion of "eligible" domestic bonds were tendered and accepted.
Presently, the nation is engaging some of its external creditors in order to conclude the external debt restructuring by the end of March 2023.
Finance Minister, Ken Ofori-Atta had travelled to China yesterday March 23, 2023, to negotiate with the Chinese government which holds about $1.7 billion of Ghana’s debt, to restructure the country’s debt. The meeting according to the Finance Minister was successful, saying, China has given Ghana positive assurances on reaching an agreement with the government.
According to the data from the Central Bank, the external component of the total public debt shot up to $29.2 billion (¢382.7 billion) in November 2022, equivalent to 62.1% of GDP.
Ghana had suspended payments on most of its external debt, in December 2022, defaulting, as the country struggles to rebalance the economy.
In terms of the domestic debt, it stood at ¢194.6 billion at the end of December 2022, about 31.6% of GDP. The January 2023 Summary of Economic and Financial Data quoted the figure at ¢194.7 billion, approximately 31.6% of GDP.
The report again did not provide data for the financial sector resolution debt and other liabilities such as the energy sector debt.
Meanwhile, the government’s fiscal deficit to GDP narrowed to 8.1% in December 2022, as against 9.8% in November 2022.
Finance Minister assures Ghana is making progress towards securing a deal with China
The Finance Minister, Ken Ofori-Atta, today March 24, 2023 stated that Ghana was making progress towards securing a debt restructuring deal with China.
In a tweet on social media, Mr. Ofori-Atta disclosed that China has given Ghana positive assurances on reaching an agreement with the government.
“So far, had very positive and encouraging meetings in China. Looking forward to securing external assurances very soon, even as we pass our outstanding domestic revenue bills back home. Great progress on all fronts”, he pointed out.
Latest Stories
-
Center for Learning and Childhood Development Director Dr Kwame Sakyi honoured at Ghana Philanthropy Awards
1 hour -
Asantehene receives 28 looted artefacts
2 hours -
CAF WCL 2024: Ghana’s Thelma Baffour wins title with TP Mazembe
3 hours -
Benjamin Boakye slams politicisation of energy sector issues and ECG’s inefficiencies
3 hours -
Erastus Asare Donkor and Dr Neta Parsram win big at 10th Mining Industry Awards
3 hours -
Government is “suppressing information” about power sector challenges – IES Director
3 hours -
Majority of our debts caused by forex shortfall – ECG Boss
4 hours -
Pan-African Savings and Loans supports Ghana Blind Union with boreholes
4 hours -
Bole-Bamboi MP Yussif Sulemana donates to artisans and Bole SHS
4 hours -
Top up your credit to avoid potential disruption – ECG to Nuri meter customers
5 hours -
Dutch & Co wins 2024 Entrepreneur of the Year Award
5 hours -
We’ll cut down imports and boost consumption of local rice and other products – Mahama
7 hours -
Prof Opoku-Agyemang donates to Tamale orphanage to mark her birthday
8 hours -
Don’t call re-painted old schools brand new infrastructure – Prof Opoku-Agyemang tells gov’t
9 hours -
Sunon Asogli plant will be back on stream in a few weeks – ECG
9 hours