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Business News of Friday, 19 July 2019

Source: citinewsroom.com

Ghana’s debt stock hits 200 billion cedis by May

Data released by the Bank of Ghana shows that the country’s total debt stock has hit 200 billion cedis by May 2019.

The data shows that the debt stock increased by 2 billion cedis in three months from March to May.

The external component of the debt is pegged at 20.5 billion dollars while the domestic component is at 94 billion cedis.

The figures were contained in the Summary of Economic and Financial Data.

Banking Sector

In the Banking sector, Total assets of banks in the country grew to 112.8 billion cedis by July 2019 compared to 100.3 billion cedis in the same period under review.

Meanwhile, non-performing loans of banks dropped to 18.1% in July 2019 from 22.6% in July 2019.

Imports and Exports

On external sector development, Total Exports by June was at 7.99 billion dollars.

Export of Gold fetched the country 2.99 billion dollars while cocoa brought in 1.34 billion dollars in the same period.

Meanwhile, export of oil earned the country 2.2 billion dollars.

On the other hand, Total Imports was at 6.05 billion dollars by June 2019. The oil component of the import was at 1.14 billion dollars while non-oil hit 4.91 billion dollars.