Public debt hits GHS 575.5 billion; now 71.9% of GDP

Ghana’s public debt has increased to GH₵575.5 billion as of June 2023, representing 71.9% of Gross Domestic Debt (GDP).

This is a marginal rise of GH₵6.3 billion compared to the GH₵569.2 billion recorded in April 2023.

According to the Bank of Ghana’s Summary of Economic and Financial Data for September 2023, the country’s public debt has increased by GH₵27.7 billion since January 2023.

In dollar terms, the total debt stock stood at US$52.3 billion as of June 2023.

External debt accounted for GH₵328.6 billion (US$29.9 billion), while domestic debt accounted for GH₵246.9 billion ($30.8 billion).

While the external debt went up by GH₵ 7. 3 billion compared to April 2023 figure of GH₵321.3 billion that of domestic debt however saw a slight fall from GH₵ 247.9 billion to GH₵ 246.9 billion for the same period.

Nominal GDP, on the other hand, remained at GH₵800.9 billion as of June 2023, a figure that has not seen any increase since January 2023 but has gone up from the GH₵610.2 billion recorded in June 2022.