The latest figures from the Central Bank indicates that Ghana’s debt stock rose by ¢3billion to hit ¢304.6 billion in March 2021.
According to the Bank of Ghana’s Summary of Economic and Financial Data, the debt represents 70.2% of the country’s Gross Domestic Product (GDP).
The additional GHS 13 billion debt came about between December 2020 and March 2021.
The $3 billion Eurobond raised by the government in March substantially constituted the GHS 13 billion rise in debt.
Ghana’s total debt stock, as of December 2020, was GHS291.6 billion.
Of the total debt stock, the domestic debt is GHS163.6 (37.3% of GDP) as of the end of March 2021.
It was GHS149.8 billion in December 2020.
The external debt component was GHS 141 billion (37.7% of GDP).
Meanwhile, the World Bank and IMF have all expressed worry about Ghana’s rising debt. They have warned that the country’s economy is gradually moving into the Highly Debt Distress category.