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Business News of Monday, 27 May 2019

Source: citibusinessnews.com

Ghana adds 21.4 billion cedis to debt stock in three months

Data released by the Bank of Ghana (BoG) has shown that the country’s total debt stock increased by 21. 4 billion cedis in the first quarter of this year.

This means that Ghana added 21.4 billion cedis to its debt stock between January and March this year.

According to the data, Ghana’s total debt now stands at 198 billion cedis from 176 billion cedis in January.

Per the breakdown, the debt stock as a percentage of the Gross Domestic Product is at 57.5 percent.

The external component of the debt is at 20.7 billion dollars which translates into 105.2 cedis.

The data further showed that Ghana’s domestic debt was 92.8 billion cedis in the same period representing 30. 5 percent of the GDP.

Banking sector performance

In the banking sector, the data showed that Non-Performing Loans in the banking sector increased marginally to 18.9 percent in April from 18.4 percent in January 2019.

Total assets of banks increased to 73.1 billion cedis from 70. 5 billion cedis representing an increase to 19.6 percent from 19.3 percent in the same period under review.

Import and export

On the external front, Ghana’s Total Export by April this year hit 5.39 billion dollars as against 4.1 billion dollars of imports.

The breakdown shows that Gold fetched the country 1.95 billion dollars while cocoa and oil brought in 1.0 billion dollars and 1.45 billion dollars respectively.

On the other side, Ghana imported 778.3 million worth of oil and 3.32 billion dollars of non-oil goods under the same period.