• 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
437
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

Inflation to Remain Within 8+/-2 Target Band by End-Q4, Says BoG Governor

BoG to Begin $1.1bn FX Intermediation Under Domestic Gold Purchase Programme this October

Ghana Aims for Victory Against Central African Republic in Crucial World Cup Qualifier

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

Banks Write off GHS 893m in Bad Loans for First Half of 2025 

Former Bank of Ghana Deputy Governor Wins Inaugural Women in Leadership Fellowship at Oxford

Banking Industry: Non-Performing Loans Edge Higher to GHS 20.7bn

‘The Gulf of Guinea is our Wall Street, IMF, and World Bank Combined’, Says Air Vice Marshal Hanson 

GJA President Underscores Vital Role of Journalists in Safeguarding Ghana’s Maritime Domain

Barrick Exits Ivory Coast With $305 Million Tongon Mine Sale

Trending

Banking & Finance

Inflation to Remain Within 8+/-2 Target Band by End-Q4, Says BoG Governor

October 7, 2025

Inflation to Remain Within 8+/-2 Target Band by End-Q4, Says BoG Governor Governor of the Bank of...

BoG to Begin $1.1bn FX Intermediation Under Domestic Gold Purchase Programme this October

October 7, 2025

Ghana Aims for Victory Against Central African Republic in Crucial World Cup Qualifier

October 7, 2025

Banks Write off GHS 893m in Bad Loans for First Half of 2025 

October 7, 2025

Former Bank of Ghana Deputy Governor Wins Inaugural Women in Leadership Fellowship at Oxford

October 7, 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.