Ghana’s public debt stands at GH¢402.4 billion as of July 2022, 68% of the country’s Gross Domestic Product.
The debt stock which stood at GH¢392.1 billion in March 2022 dropped to GH¢388.1 billion in April 2022, and later went up marginally to GH¢389.2 billion in May 2022 and to GH¢393.4 billion in June 2022.
But according to the Central Bank, the country’s debt dropped marginally in dollar terms from $54.4 billion in June 2022 to $53.2 billion in July 2022.
This was contained in the October 2022 Bank of Ghana Summary of Economic and Financial Data.
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 GH¢190.1 billion in June 2022 to GH¢190.3 billion in July 2022.
The domestic debt stood at GH¢181.9 billion in January 2022, went up to GH¢185.4 billion in February 2022, and GH¢190.1 billion in March 2022. It subsequently shot up to GH¢189.2 in April 2022 and GH¢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.