Ghana’s public debt reduces to GH¢434.6 billion, 71% of GDP

Ghana’s public debt stood at GH¢434.6 billion as of December 2022 according to the Bank of Ghana’s Summary of Economic and Financial Data for April 2023.

This is a reduction of GH¢141.1 billion in the country’s public debt.

This represents 71.6% of the country’s Gross Domestic Product. This is a reduction of 23.1% away from the 93.5% recorded in November 2022.

In November 2022, the country’s public debt stood at GH¢575.7 billion representing 93.5% of GDP.

According to the Bank of Ghana, a chunk of Ghana’s debt is held in the external debt portfolio to the tune of GH¢240.2 billion representing 39.4%, and GH¢194.4 in domestic debt representing 31.9%.

The data also noted that gross international reserves stood at $5.21 billion indicating 2.4 weeks of import cover.

However, the BoG Governor, Dr. Ernest Addison has revealed that the reception of the first tranche of the IMF loan pushes Ghana’s import cover to 2.6 weeks.