Public Debt Shoots Up to $7.8 Billion

At the end of the month of June 2008, Ghana's total public debt stood at US$7.8 billion, from an initial amount of almost US$7.3 billion, at the beginning of the year.

This represents an increase of 7.1 per cent, over the period of six months. The stock of domestic debt, which stood at GH¢3,708.2 million, representing 26.5 per cent of Gross Domestic Product (GDP), at the end of the previous year (2007), increased to GH¢4,005.9 million, representing 24.6 per cent of GDP, at the end of the June this year (2008).

At a press briefing in Accra on Monday, the Governor of the Bank of Ghana, Dr. Paul Acquah, said the country's debt stand was not rising, as compared to a budget ceiling of 60 per cent of GDP.

Meanwhile, the country's external debt, increased from US$3,590.4 million, in the month of June 2008, from 24.9 percent of GDP, to US$3,809.3 million, representing 24.1 per cent of GDP. This brings the total public debt stock of the country, to 48.7 per cent of GDP, by the end of the first half of the year.