Ghana’s public debt drops to GH¢567.3 billion in September, representing 66.4% of GDP

Recent figures released by the Bank of Ghana has showed that Ghana’s public debt declined to GH¢567.3 billion as of September 2023.

This represents 66.4 percent of Gross Domestic Product (GDP) depicting a GH¢14.2 billion decline compared to the GH¢581.5 billion recorded in June 2023.

According to BoG’ Summary of Economic and Financial Data for November 2023, the country’s public debt rose comparatively by GH¢8.5 billion since January 2023 and GH¢88.5 billion since September 2022.

The data also showed that the total debt stock in US dollar terms was pegged at US$51.0 billion as of June 2023.

In terms of Ghana’s external debt, the figure was GH¢326.7 billion (US$29.4 billion), while domestic debt accounted for GH¢240.6 billion.

This further represented a decline in both external and domestic debts declining marginally in June 2023. For the period, external debt decreased to GH¢1.9 billion from GH¢328.6 billion in June 2023 to GH¢326.7 billion in September 2023.

For domestic debt, Ghana witnessed the figure decline by GH¢12.3 billion, compared to the June 2023 figure of GH¢252.9.3 billion for the same period.

In addition to the figures, Ghana’s nominal Gross Domestic Product was pegged at GH¢854. 8 billion as of September 2023, up from the GH¢610.2 billion recorded in September 2022.