Government has revised its total gross public debt for the year 2022 from ¢435.306 billion ($52.326 billion) to a provisional figure of ¢446.303 billion ($53.647 billion).

The corresponding Debt-to-Gross Domestic Product (GDP) ratio was also revised from 71.3% to 73.1%.

This was as a result of the expansion of the domestic debt reporting in the wake of the Domestic Debt Exchange Programme to include liabilities of some government special purpose vehicles, ESLA Plc., and Daakye Plc.

According to Finance Minister, Ken Ofori-Atta, the provisional debt stock as of end-September 2023 showed total central government and guaranteed debt of ¢567.346 billion (US$51.050 billion), equivalent to 66.4% of GDP.

The stock consists of external debt of ¢326.717 billion ($29.398 billion) and domestic debt of ¢240.629 billion ($21.652 billion), representing 57.6% and 42.4% of the total debt stock, respectively.

As a percentage of GDP, Mr. Ofori-Atta, said the external and domestic debt represented 38.2% and 28.2%, respectively.

Overall, the rate of debt accumulation increased from 23.7% at end-December 2022 to 27.1% at end-September 2023, reflecting largely the dynamics of the DDEP.