Gov’t allocates GHS 19bn to external interest payments this year
Government has set aside some GHS 19 billion to be used as payments for interest on external loans for 2024.
The allocated GHS 19bn for external interest payments is contained in the Appropriation Act 2023.
This is despite the suspension of debt service payments by the Government since December 2022.
Overall, Government has earmarked some GHS 55.9bn as interest payments for 2024.
Excluding external interest payments, payments for interest on domestic loans for this year amount to GHS 36.8bn.
Ghana’s external debt stock stands at GHS 326.7 billion ($29.4 billion) while domestic debt accounts for GHS 240.6 billion as of September 2023.
Ghana’s public debt fell to GHS 567.3 billion as of September 2023.
This is a GHS14.2 billion decrease compared to the GHS 581.5 billion recorded in June 2023.
According to latest data from the Bank of Ghana, the new public debt figure represents 66.4 percent of the country’s Gross Domestic Product (GDP).
