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Business News of Friday, 15 May 2020

Source: starrfm.com.gh

Ghana’s debt stock hits GH¢236.1bn in 1st quarter of 2020

Finance Minister, Ken Ofori-Atta Finance Minister, Ken Ofori-Atta

Ghana’s debt stock has shot up to 236.1 billion cedis from 219.2 billion cedis for the first quarter of 2020, according to new figures by the Bank of Ghana.

The increase means that Ghana has added 16.9 billion cedis between January to March of 2020.

The figures contained in the Central Bank’s Summary of Economic and Financial Data represents an increase of 59.3 per cent of the GDP.

The debt stock for the domestic side stood at 111.3 billion cedis, while the external component of the debt reached 124.8 billion cedis.

According to the report, total assets of banks grew from 111.2 billion cedis in March 2019, compared to 133.5 billion cedis in March 2020. Total deposits also increased from 73 billion cedis to 84 billion cedis within the same period.

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