• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Economy

2023 Budget: Cedi depreciation adds GHS 93bn to external debt stock in 2022 alone

3 years ago
in Economy, Features, highlights, Home, home-news, latest News
2 min read
0 0
0
89
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

2023 Budget: Cedi depreciation adds GHS 93bn to external debt stock in 2022 alone

Depreciation of the local currency (cedi) has added some GHS 93bn to the country’s external debt stock.

The year-to-date depreciation of the local currency against the dollar and pound, the Finance Minister noted, stands at 54.2% and 48.5% respectively.

Making the disclosure on the floor of Parliament during the presentation of the 2023 Budget Statement, the Minister for Finance, Ken Ofori-Atta, noted the country’s external debt currently stands at GHS 271bn reflecting the impact of the depreciation of the cedi.

According to the Finance Minister, external debt currently represents 44.15% of Gross Domestic Product (GDP).

Domestic debt on the other hand, represents 31.79% of Gross Domestic Product (GDP).

Cumulatively, the country’s debt stock as a proportion of GDP stands at 75.9% which in monetary terms is GHS 467bn.

RelatedPosts

“You can Invest in Ghana with confidence” – Lands Minister tells Investors

Ghana Shines on Global Stage, Unveils Billions in Mining Investment Opportunities at Australia-Africa Conference

Black Starlets Drawn in Group A for WAFU Zone B U-17 Championship

“Mr. Speaker, provisional debt data as at end September 2022 shows a significant increase in Ghana’s public debt largely due to exogeneous factors. The end-September 2022 provisional figures indicate that total gross public debt stood at GH¢467,371.31 million (US$48,871.34 million), representing approximately 75.9 percent of GDP.

“The domestic debt component is GH¢195,657.60 million, which is 31.79 percent of GDP, whilst external debt is GH¢271,713.71 million, representing 44.15 percent of GDP. The increase in the domestic debt is largely on account of rising interest costs. Domestic debt as a share of total public debt reduced from 51.6 percent in 2021 to 41.9 percent as at end September 2022.

“Mr. Speaker, the external debt as a percentage of the total debt stock is 58.1 percent as at end September 2022. The sharp growth in the external debt stock is largely driven by the depreciation of the local currency. The depreciation of the Ghana cedi added GH¢93,855.15 million to the external debt stock.

“Overall, debt accumulation increased from 20.7 percent in 2021 to 32.7 percent as at end September 2022, reflecting the impact of the depreciation of the Ghana cedi on the external debt side,” the Minister stated.

 

 

Source: norvanreports
Tags: 2023 Budget: Cedi depreciation adds GHS 93bn to external debt stock in 2022 alone
No Result
View All Result

Highlights

Atlantic Lithium Secures up to $37.5m Funding for Ghana Project Amid Weak Market Conditions

Bank Of Ghana Sets Gold Coin Price at GHS 44,259 Per Ounce

Africa Prosperity Network Sues Sankofa Advisory Over $300,000 Debt From Africa Oil Week deal

COCOBOD Clears GHS 2bn Coupon Arrears, Pledges to Meet 2026–2027 Obligations

Ranked: Top 10 Gold Mining Companies of 2025

Gold Price Sets Another Record on Flight to Safety

Trending

Business

“You can Invest in Ghana with confidence” – Lands Minister tells Investors

September 4, 2025

“You can Invest in Ghana with confidence” - Lands Minister tells Investors The Minister for Lands and...

Ghana Shines on Global Stage, Unveils Billions in Mining Investment Opportunities at Australia-Africa Conference

September 4, 2025

Black Starlets Drawn in Group A for WAFU Zone B U-17 Championship

September 4, 2025

Atlantic Lithium Secures up to $37.5m Funding for Ghana Project Amid Weak Market Conditions

September 4, 2025

Bank Of Ghana Sets Gold Coin Price at GHS 44,259 Per Ounce

September 4, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.