Business News of Saturday, 25 May 2024
Source: Joy Business
Ghana’s public debt increases by GH¢46.4bn to GH¢658.6bn in two months of 2024
The total public debt stock of Ghana is equivalent to 62.7% of Gross Domestic Product (GDP)
Ghana's public debt increased by GH¢46.4 billion in the first two months of 2024, reaching GH¢658.6 billion ($53.1 billion), which is 62.7% of GDP.
According to the Bank of Ghana, the debt increased from GH¢611.2 billion at the end of 2023 to GH¢658.6 billion by February 2024 due to cedi depreciation and increased domestic borrowing.
The domestic debt grew by GH¢18.5 billion, while external debt rose by GH¢28.9 billion, totaling $30.6 billion (¢350.3 billion).
The fiscal deficit stood at 2.6% of GDP in the first quarter, with a primary balance deficit of 1.4%. Ghana is negotiating debt restructuring with bondholders and has suspended external interest payments since December 2022.
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