NEWS

Ghana’s national debt stock remains at 575.7 billion dollars, according to BoG data.

According to recent Bank of Ghana data, Ghana’s public debt stock would remain constant at 575.7 billion at the end of November 2022.

As a result, Ghana’s total public debt climbed from approximately GH467.4 billion in September 2022 to approximately GHC575.7 billion in November 2022.

According to the latest Bank of Ghana’s Summary of Macroeconomic and Financial Statistics for the period ending March 2023, the debt amount of around GH575 billion still places Ghana’s debt to GDP ratio at 93.5% as of November 2022.

According to the figures, the country’s internal debt will reach GH194.7 billion, or 31.6% of GDP, at the end of December 2022.

In comparison, GH 195.7 billion and GH 193.1 billion were recorded in September and November, respectively, of 2022.

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Government has already started the process of restructuring its domestic debt through the Domestic Debt Exchange Program, which ended on February 10, 2023, with more than 80% of eligible bonds participating.

In November 2022, the foreign portion of Ghana’s total state debt will be $29.2 billion (382.7 billion), or 62.1% of GDP.

Compared to $28.4 billion (271.7 billion) in September 2022 and $28.3 billion in December 2021, this is an increase. A 37% depreciation of the cedi against the dollar in 2022 is to blame for the large growth in the cedi portion of the external debt.

This occurs when the nation searches for ways to rebalance the economy and the government ceased payments on the majority of its external debt in December 2022, defaulting.

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In order to settle the foreign debt, the Finance Minister, Ken Ofori-Atta, has also been communicating with overseas creditors.

On March 23, 2023, Finance Minister Ken Ofori-Atta traveled to China to conduct talks with the country, which is the owner of nearly $1.7 billion of Ghana’s debt.

Yet, he is optimistic about his encounter with the Chinese leadership.

Once more, the BoG data lacked information on the financial sector resolution debt as well as other liabilities like the debt in the energy industry.

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The government’s fiscal deficit as a percentage of GDP decreased from 9.8% in November 2022 to 8.1% in December 2022.

Positive and motivating talks with China on a $1.7 billion debt, says Ofori-Atta

In a recent tweet, the finance minister, Ken Ofori-Atta, indicated that discussions with China on Ghana’s debt had been constructive and encouraging.

He stated that Ghana was anticipating receiving outside assurances very soon.

China said on Thursday that it would like to improve communications with Ghana in order to find a suitable solution to Ghana’s debt problem.

In answer to a query regarding the visit of Ghana’s finance minister to Beijing for a suggested restructuring of Ghana’s debt, spokesperson Wang Wenbin made the remark.

Agblor Courage

I am Courage Agblor, a writer, web designer, and publisher with a passion for education, culture, and truth. As a graduate with a bachelor's degree in education, I am dedicated to sharing knowledge that informs, inspires, and preserves the rich heritage of the Ewe people.

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