Ghana’s public debt falls from GH₵14.2bn; now 66.4% of GDP


As of September 2023, Ghana’s public debt has shown a notable decrease, amounting to GHS 567.3 billion, reflecting a GHS 14.2 billion reduction compared to the GHS 581.5 billion reported in June 2023. According to recent data released by the Bank of Ghana, this new public debt figure represents 66.4 percent of the country’s Gross Domestic Product (GDP).


In comparison to earlier points in the year, the public debt stock has experienced an increase of GHS 8.5 billion since January 2023 and a larger uptick of GHS 88.5 billion since September 2022. In terms of US dollars, the total debt stock was reported as US$51.0 billion as of June 2023.


The Bank of Ghana’s Summary of Economic and Financial Data for November 2023 reveals that external debt constitutes GH₵326.7 billion (equivalent to US$29.4 billion), while domestic debt makes up GH₵240.6 billion. Both external and domestic debts have seen slight reductions since June 2023. External debt decreased by GHS 1.9 billion, moving from GH₵ 328.6 billion in June 2023 to GH₵ 326.7 billion in September 2023. Similarly, domestic debt experienced a decline of GH₵ 12.3 billion compared to the June 2023 figure of GH₵252.9 billion.


In terms of nominal GDP, the September 2023 figure stands at GH₵854.8 billion, indicating significant growth from the GH₵610.2 billion recorded in September 2022. The data suggests a complex interplay of factors influencing Ghana’s fiscal landscape, with fluctuations in both debt levels and economic output.

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