• 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

Ghana’s debt crisis deepens as public debt hits GHS 575bn

3 years ago
in Economy, Editor's pick, Features, highlights, Home, home-news, latest News
1 min read
0 0
1
434
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Ghana’s debt crisis deepens as public debt hits GHS 575bn

Ghana’s public debt has risen to 93.5% [GHS 575.7bn] of Gross Domestic Product (GDP), according to the Bank of Ghana’s January 2023 Summary of Economic and Financial Data.

The data reveals that the country’s debt stock increased by ¢108.3 billion between September and November 2021, indicating that the country’s debt is unsustainable. As a result, a debt restructuring programme is underway, with the Domestic Debt Exchange expected to end on January 31, 2023.

The external component of Ghana’s total public debt reached $29.2 billion (¢382.7 billion) in November 2022, equivalent to 62.1% of GDP. This is an increase from $28.4 billion (¢271.7 billion) in September 2022, and $28.3 billion in December 2021. The significant increase in the cedi component of the external debt is attributed to a 37% depreciation of the cedi to the dollar in 2022.

In terms of domestic debt, it stood at ¢194.7 billion at the end of December 2022, which represents 31.6% of GDP. This is compared to ¢195.7 billion recorded in September 2022, and ¢193.1 billion in November 2022. The government plans to restructure around ¢170 billion of the domestic debt for a period of 12 years.

The report does not include data for the financial sector resolution debt or other liabilities such as energy sector debt. The government’s fiscal deficit to GDP stood at 9.8% in November 2022, up from 7.4% recorded in September 2022.

The World Bank has projected a debt-to-GDP ratio of 99.7% for Ghana in 2023 and 101.8% in 2024. The bank has also classified Ghana as a high debt distress country, estimating the nation’s debt to GDP to reach 104.6% by the end of 2022.

RelatedPosts

The 10 Fastest-Growing Trading Nations in Africa

Nigeria’s 1.6 Million Container Trade Far Less Than it’s Ports Potential – Logistics Expert

Inside Details of Presco’s $172m Acquisition of SOP, Ghana Oil Palm Firm

Tags: Bank of Ghana's January 2023 Summary of Economic and Financial Datadebt crisisGhana's debt crisis deepens as public debt hits GHS 575bn

Comments 1

  1. James Adu-Gyamfi says:
    3 years ago

    I sometimes blame those who give us loan facilities,they help us destroy the economy and later come and say this. Allowing leaders like our current president to take us into a ditch is so disgusting and looks like we always plan to fail. Don’t know what else we can do to stop this from recurring.

No Result
View All Result

Highlights

Africa’s Richest Economy’s Currency Hits Nine-Month High as Fed’s Dovish Signal Weakens Dollar

Trump Weighs Using $2 Billion in CHIPS Act Funding for Critical Minerals

Moving Gold, Moving Economies: The Rise of Migrant Women in Zimbabwe’s Mining Sector

Senegal and Mercedes-Benz Partner to Build Trucks

INTERPOL Recovers Over $90 Million From African Crime Syndicates

Djokovic and Gauff Gear Up for US Open with Strategic Focus

Trending

Business

The 10 Fastest-Growing Trading Nations in Africa

August 23, 2025

The 10 Fastest-Growing Trading Nations in Africa Against the backdrop of shifting dynamics in global trade, several...

Nigeria’s 1.6 Million Container Trade Far Less Than it’s Ports Potential – Logistics Expert

August 23, 2025

Inside Details of Presco’s $172m Acquisition of SOP, Ghana Oil Palm Firm

August 23, 2025

Africa’s Richest Economy’s Currency Hits Nine-Month High as Fed’s Dovish Signal Weakens Dollar

August 23, 2025

Trump Weighs Using $2 Billion in CHIPS Act Funding for Critical Minerals

August 23, 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.