Ghana's debt has reached GHC120 billion as at
November 2016.
The Bank of Ghana's (BoG) Macroeconomic
and Financial Data report revealed that the
country’s debt stock has reached GHC120
billion as at November 2016.
This was contained in the summary of
released by the Central Bank at the end of the
Monetary Policy Committee meeting on Friday
20 January 2017. The new figures show that
the public debt rose by GHC8 billion in just
two months, that is from September to
November 2016.
But sources close to the previous
administration maintain that the increase
does not necessarily mean that there were
fresh borrowings by government during that
period.
However, other factors like the cedis’ marginal
depreciation and possible delays in interest
payments could have resulted in the debt
numbers recording such a significant
increase.
The GHC120 billion public debts put the
country’s debt-to-GDP ratio at 71.9 percent
for November ending.
External Debt accounted for about $66 billion
of the debt, with local component accounting
for $53 billion.
The report puts the end-of -year-cedi
depreciation at 4.23 percent. The loans banks
fear might go bad seems to decline, reducing
from 19 percent in September to 17.4 percent
as at December 2016.
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