Ghana’s debt to GDP ratio drops from 74% to 63% under Nana Akufo Addo

The Bank of Ghana has disclosed that Ghana’s debt has reached a total amount of GHC129.5 billion representing a seven billion cedi increase in the country’s debt stock since December 2016.

The figures are contained in the Central Bank’s Summary of Economic and Financial Data issued Friday May 19, 2017.

The current figure does not however put the country in a debt distress position as it translates into a debt to GDP ratio of 63.7 percent of GDP.

Per the data, out of the GHC129.5 billion, external debt accounts for GHC74.5 billion, while debt incurred internally stands at GHc55 billion.

Analysts are however concerned the president Nana Addo Dankwah Akufo Addo might be failing in his campaign promise to reduce the nominal debt figures as the country’s debt books as at December 2016 stood at 122 billion.