Ghana’s total public debt is GH¢109.8 billion as at July

Figures contained in the economic and financial data released by the Bank of Ghana tells that, Ghana’s total public debt as at July this year, is estimated at GHC110 billion.

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The figure increased from GHC108.6 billion recorded in June to GHC109.8 billion in July this year.

The latest summary on economic and financial data also reveals that, although the country’s total debt has increased from GHC100.2 billion to GHC109.8 billion between 2015 and July 2016, the total debt to GDP ratio has declined from the 71.6 percent at the end of December 2015 to 65.9 percent at the end of July this year.

The report, which comes ahead of the 72nd Monetary Policy Committee meeting of the Bank of Ghana today, said Ghana’s debt stock increased from GHC101.1 billion to GHC109.8 billion between January and July this year.

The figure also represents a debt to GDP growth from 60.6 percent to 65.9 percent between the six month period. Although the external component of the debts decreased from GHC60.7 billion to GHC60.6 billion between the six month period, the domestic component of the country’s debt increased from GHC40.4 billion to GHC49.2 billion from January to June.

In terms of prices Ghana received for its major trading commodities between January and August this year, the price of cocoa decreased from US$3,051 to US$2,843.8 per tonne; gold prices increased from US$1,096.3 to US$1,339.3 an ounce. Similarly, the prices of crude oil increased from US$32.4 to US$47.2 per barrel.

Meanwhile in the banking sector, the high incidences of Non-Performing Loans increased from 14.6 percent to 19.1 percent by the end of July this year.

Source: Adnan Adams Mohammed

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