Audio By Carbonatix
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.
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