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Home Economy

Government misses domestic interest payments target by 16.1%

5 years ago
in Economy, Editor's pick, highlights, Home, home-news, latest News
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Government, at the end of the third quarter of 2020, missed its domestic interest payments target by 16.1 per cent.

Despite failing to meet its domestic interest payments target, government however, managed to go beyond its target on external interest payments by 51.6 per cent.

Per the Q3 2020 Quarterly Bulletin released by the Bank of Ghana (BoG), domestic interest payments accounted for 76 per cent whereas external interest payments accounted for the remaining 24 per cent.

External interests payments at the end of Q3 2020, according to the BoG, amounted to $274.76 million.

Despite making more interest payments to foreign investors and less interest payments to local investors, government’s total interest payments of Ghs 6.77 billion at the end of Q3 2020, fell short of its programmed interest payments of Ghs 7.19 billion.

Government’s domestic debt stock at Q3 2020 increased by Ghs 33.88 billion from Ghs 101.26 billion at the end of Q3 2019 to Ghs 135.14 billion.

The growth in the debt stock, the BoG attributed mainly to increases in government’s medium-term and long-term securities of Ghs 23.33 billion and Ghs 10.46 billion respectively and a moderate increase of Ghs 81.6 million in the short-term securities.

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Holdings of domestic debt

The Bank of Ghana’s holding of domestic debt at the end of the third quarter of 2020 stood at Ghs 31.22 billion representing 23.1percent of the total domestic debt for the review period.

Deposit Money Banks (DMBs) holdings of domestic debt for the period was Ghs 38.11 billion (28.2%), compared to Ghs 30.18 billion (29.8 %) of their holdings recorded in similar period of 2019.

SSNIT held Ghs 395.7 million (0.3%), Insurance companies Ghs 740.7 million (0.5 %), while ‘Other holders’ comprising rural banks, firms and institutions as well as individuals held a total of GH¢39,102.3 million (28.9 %).

Non-Resident investors held Ghs 25.56 billion (18.9 %) compared to their holding of Ghs 25.66 billion (26.2%) recorded in the corresponding period of 2019.

Source: norvanreports
Via: Snr Fuaad Dodoo
Tags: Bank of Ghana (BoG)Deposit Money Banks (DMBs)domestic debt stockdomestic interest paymentsexternal interest paymentsNon-Resident investorsSSNIT
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