Debt owed the International Capital Market stood at $13.13 billion, constituting the largest share of 46.79% of the total external debt stock at the end of the second quarter of this year, data from the Bank of Ghana has revealed.

This was $2.90 billion above the $10.23 billion recorded in the corresponding period of 2020.

According to the analysis of external debt by creditor category, the significant rise in the stock of international capital debts, according to the Central Bank, was mainly due to the $3 billion Eurobond floated in April 2021.

Also, commercial debts at the end of June 2021 was estimated at $2.72 billion. This accounted for 9.7% of the total external debt stock.

Commercial debts increased by $133.50 million, about 5.2% in the second quarter of 2021. This was from $2.58 billion recorded at the end of first quarter of 2021 and an increase of $492.32 million (22.1%) above the level of $2.229 billion recorded at the end of second quarter of 2020.

Multilateral debt accounts for 29% of external debt

Similarly, multilateral debt increased by $179.48 million, about 2.21% to $8.302 billion at the end of second quarter of 2021. This was from $8.122 billion recorded at the end of the previous quarter.

It accounted for 29.58% of the total external debt stock at the end of June 2021, down from 32.4% at the end of June 2020.

Bilateral debt represented 4.5% of external debt

The Bilateral component of the total external debt stock at the end of second quarter of 2021 was however $1.248 billion representing a share of 4.5% of the total external debt stock.

Bilateral debts were $2.53 million (0.20%) more than the stock position of $1.245 billion recorded at the end of March 2021 and $43.90 (3.7%) above the level of $1.204 billion registered in June 2020.

In the same vein, the Export Credit Agencies component of the total external debt stock at the end of quarter two 2021 totalled $1.013 billion, representing 4.1% of the total external debt stock.

This showed an increase of $98.99 million (10.8%) from the level of $914.1 million recorded at the end of the first quarter, and a rise of $34.48 million (3.5%) from the level of $978.55 million registered at the end of June 2020.

Other Concessional debts at the end of June 2021 stood at $1.650 billion, constituting 6.9% of the total external debt stock.

This indicates an increase of $138.43 million (9.2%) compared to the previous quarter’s position of $1.512. billion.

However, from the second quarter of 2020 to second quarter of 2021, other concessional debts reduced by $3.99 million from the stock position of $1.654 billion.

External debt stood at $28bn in July 2021

The country’s external debt stood at $28 billion in July 2021.

This was after it went up by $100 million in May and June 2021 respectively.

The external debt stock is equivalent to 37.0% of GDP.