It was reported three years ago that the country’s public debt stock went up marginally than that of the year 2016 which was pegged at GH¢110 billion.
As of 2017, Ghana was still wallowing in GH¢119.9 billion debt, according to the Bank of Ghana (BoG) summary of Economic and Financial Data.
An external debt of GH¢66 billion coupled with 53.9 billion of domestic debt was the breakdown of the total debt of GH¢11.9 billion.
However, the country’s debt rate continues to increase due to the rapid fall of the cedi. Currently, the stock debt has almost doubled standing at about GH¢208 billion as of the last quarter of 2019.
Experts say the rising debt is most likely to have a negative impact on the nation’s Debt-to-GDP Ratio, which currently stands at almost 60 % if the economy does not expand to accommodate the situation.
Read the full story originally published by kasapaonline.com below:
A Bank of Ghana (BoG) summary of Economic and Financial Data says Ghana’s total public debt has hit Gh¢119.9 billion as against the latest figure of 110 billion Cedis released in July 2016.
Out of this, total external debt amounted to 66 billion Cedis and domestic debt was 53.9 billion Cedis, of the debt stock.
This means government borrowed about Gh¢9.9 billion alone since July last year.