Ghana’s Debt Stock Rises To 74.4% Of GDP, At GH¢286.9 Billion Now

The country's debt situation continues to deteriorate as shown by new figures released by the Bank of Ghana. Total public debt stock at the end of 2020 rose to GH¢ 286.9 billion representing a year on year increase of 23.95% over the total public debt stock recorded at the end of the year 2019 and adding more pressure on the

government to slow down rate of debt accumulation. The new debt figure pushes Ghana’s debt to GDP ratio to 74.4 % at the end of 2020 from 62.4 % recorded at the end of 2019. A breakdown of the debt numbers shows that the component of the debt secured outside the country remained relatively stable in the last two

quarters of 2020 rising marginally GH¢ 3 billion to GH¢ 139.6 billion and this is about 36.2% of the total value of the economy which is projected to be about GH¢ 385 billion. On the other hand, the component of the debt secured locally has risen significantly in last 2 quarters of 2020 GH¢ 25 billion to GH¢147.3 billion representing 38.2 percent of GDP.