Ghana’s public debt increases to GH₵575.5bn ($501.1 million)

As of June 2023, Ghana’s public debt has reached GH₵575.5 billion, accounting for 71.9% of the Gross Domestic Product (GDP).

This represents a modest increase of GH₵6.3 billion compared to the debt level of GH₵569.2 billion recorded in April 2023.

The Bank of Ghana’s Summary of Economic and Financial Data for September 2023 reveals that Ghana’s public debt has surged by GH₵27.7 billion since the beginning of the year 2023. In terms of US dollars, the total debt now stands at US$52.3 billion as of June 2023.

Breaking down the debt composition, external debt makes up GH₵328.6 billion (equivalent to US$29.9 billion), while domestic debt accounts for GH₵246.9 billion (about $30.8 billion).

Notably, external debt has increased by GH₵7.3 billion compared to the April 2023 figure of GH₵321.3 billion, while domestic debt has seen a slight reduction from GH₵247.9 billion to GH₵246.9 billion over the same period.

On the economic front, Ghana’s nominal GDP has remained steady at GH₵800.9 billion as of June 2023.

It’s worth noting that this figure has remained unchanged since January 2023 but has witnessed significant growth compared to the GH₵610.2 billion recorded in June 2022.