Ghana’s Finance Minister, Ken Ofori Atta, revealed in his presentation of the 2023 budget to Parliament that the total gross public debt as at September 2022 stood at GH¢467.37 billion which is equivalent to 75.9% of Gross Domestic Product (GDP) and the highest debt-to-GDP ratio since 2018.
The current total debt stock represents a 26.87% increase year-on-year from September 2021, which recorded the total debt stock of GH¢341.8 billion.
According to the minister, the sharp growth of the external debt is as a result of the depreciation of the cedi. He revealed that the depreciation of the local currency added GH¢93.85 billion to the total debt stock. This represents 20.08% of the total gross public debt.
Excerpts from the budget indicate that external debt formed the biggest component of the total debt stock. External debt stood at GH¢271.71 billion representing 58.1% of the total debt stock and 44.13% of GDP.
Domestic debt stood at GH¢195.66 billion which is 41.9% of the total debt stock and 31.77% of GDP.
Latest Stories
-
Must teachers always strike before concerns are addressed? – Peter Anti quizzes
21 seconds -
John Kumah’s wife inconsolable at his one week observance [Video]
2 mins -
Africa’s Top Women in Banking, Finance, and Investment to be celebrated at Angaza Forum in Nairobi
9 mins -
The love I’ve received is breathtaking – Kuami Eugene shares health update
24 mins -
Government targets $100m private capital to complete Saglemi Housing Project
41 mins -
Anti-LGBTQI+ Bill will bring economic disaster to Ghana if signed into law – Prof. Diamond
54 mins -
Akufo-Addo, Bagbin impasse over Anti- LGBTQI+ Bill could harm economy – Franklin Cudjoe
58 mins -
Adamus accused of defying court-directed Interim Management Committee
1 hour -
NPP running mate saga: Frontrunners will be disappointed – John Boadu
1 hour -
Calls for ECG-PURC truce intensify as ‘dumsor’ worsens
1 hour -
Unstable exchange rate affects claims payment – Ghana Insurers Association
2 hours -
Bank of Africa Ghana donates to Chief Imam, hosts Moroccan community to mark Ramadan activities
2 hours -
We’re winning 2024 polls hands down – PNC declares
2 hours -
Zen Petroleum opens 50th fuel retail station
2 hours -
Dumsor contributed to NPP’s 2016 victory – Prof Agyeman-Duah
2 hours