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Business News of Monday, 31 May 2021


Ghana’s public debt hits GH¢304.6 billion

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

• Ghana's public debt has risen by GH¢3 billion

• This was revealed the latest BoG summary of Economic and Financial Data

• The US$3 billion Eurobond is a contributing factor

Ghana’s public debt stock is now GH¢304.6 billion.

According to the latest Bank of Ghana (BoG) summary of Economic and Financial Data, it is a rise from GH¢3 billion in March 2021.

It is equivalent to 70.2% of Gross Domestic Product (GDP), lower than the 76.1% registered in December 2020.

The US$3 billion Eurobond raised by the country in March 2021 also accounted for this jump in the debt.

In a JoyNews reportage sighted by GhanaWeb, GH¢13 billion was added to the country’s debt between December 2020 and March 2021, and at the end of the year 2020, Ghana’s public debt stood at GH¢291.6 billion.

The report further stated that Ghana’s external debt stood at ¢141 billion ($24.6 billion) in March 2021, as against GH¢141.8 ($24.6 billion). This is approximately 37.7% of GDP.

“Importantly, the financial sector debt went down by GH¢100 million to GH¢15.2 billion. It is equivalent to 3.5% of GDP.

“The debt could go down if levies collected to settle the financial sector debt is used to settle part of it,” the report added.