Ghana added GHS 51.2 billion to its debt stock in 2023 to reach GHS 610 billion
Ghana’s public debt in cedi terms increased by some GHS 51.2 billion last year – 2023.
The country began January 2023 with a debt stock of GHS 558.8 billion after a successful debt restructuring programme that reduced the country’s total debt burden to GHS 446.3 billion the previous year – December 2021.
However, at end-2023, the country’s debt stock had increased to GHS 610 billion which in dollar terms is equivalent to $52.4 billion per the Bank of Ghana’s (BoG) March 2024 Summary of Economic and Financial Data.
The increment in Ghana’s public debt stock, analysts with norvanreports indicate, defeats the purpose and gains of the domestic debt restructuring programme.
Ghana’s debt stock as a ratio of Gross Domestic Product (GDP) now stands at 72.5%, a marginal reduction from the 73.1% of GDP recorded at end-2022.
The marginal reduction in the debt-to-GDP ratio despite the increment in the overall debt stock is due to the expansion of Ghana’s economy in value terms.
The value of Ghana’s economy in 2022 was GHS 614 billion, it has, however, increased and is currently, pegged at GHS 841 billion at end-2023.
Domestic debt stock at end-2023 amounted to GHS 259.7 billion (33.7%) from the previous year’s figure of GHS 205.4 billion (30.9%).
External debt stock at end-2023 amounted to $30.1 billion (41.6%) from the previous year’s figure of $29 billion (39.5%).
