As of July 2022, Ghana’s public debt totaled GH 402.4 billion, or 68% of the nation’s GDP.
The debt stock, which was 392.1 billion in March 2022, fell to 388.1 billion in April 2022 before slightly increasing to 389.2 billion in May 2022 and 393.4 billion in June 2022.
The country’s debt, however, decreased somewhat in dollar terms from $54.4 billion in June 2022 to $53.2 billion in July 2022, according to the Central Bank.
The Bank of Ghana’s October 2022 Summary of Economic and Financial Data included this information.
The data showed that Ghana did not borrow fresh funds from the global market in recent times.
The external debt remained unchanged at $28 billion, equivalent to 35.8% of GDP.
However, the domestic debt increased from ¢190.1 billion in June 2022 to ¢190.3 billion in July 2022.
The domestic debt stood at ¢181.9 billion in January 2022, went up to ¢185.4 billion in February 2022, and ¢190.1 billion in March 2022. It subsequently shot up to ¢189.2 in April 2022 and ¢188.5 billion in May 2022.
The increase in domestic debt can be attributed to the government’s excessive borrowing from the domestic market.
Ghana’s debt will, however, see some increases due to the receipt of the $750 million Afrieximbank loan that came in August 2022.