Total debt stood at ¢467 bn in Sept. 2022; cedi depreciation added ¢94bn

Provisional figures indicate that total public debt stood at ¢467.37 billion ($48.87 billion), representing approximately 75.9% of the Gross Domestic Product.

The domestic debt component stood at ¢195.65 billion, which is 31.79% of GDP, whilst external debt is ¢271.713 billion, representing 44.15% of GDP.

The increase in domestic debt is largely on account of rising interest costs.

Domestic debt as a share of total public debt reduced from 51.6% in 2021 to 41.9% as of the end of September 2022.

The external debt as a percentage of the total debt stock was 58.1% as of the end of September 2022.

The sharp growth in the external debt stock is largely driven by the depreciation of the local currency.

The depreciation of the Ghana cedi added ¢93.855 billion to the external debt stock.

Overall, debt accumulation increased from 20.7% in 2021 to 32.7% as of the end of September 2022, reflecting the impact of the depreciation of the Ghana cedi on the external debt side.

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