Ghana’s public debt stock stood at GH¢575.7 billion at the end of November 2022, about 93.5% of Gross Domestic Product, the Bank of Ghana’s January 2023 Summary of Economic and Financial Data has disclosed The debt stock increased by GH¢108.3 billion between September and November 2021, indicating that the country’s debt was unsustainable.
This triggered a debt restructuring in which the Domestic Debt Exchange is expected to end on January 31, 2023. According to the data from the Central Bank, the external component of the total public debt shot up to $29.2 billion (GH¢382.7 billion) in November 2022, equivalent to 62.1% of GDP. This was from $28.4 billion (GH¢271.7 billion) in September 2022 and $28.3 billion in December 2021. From the figures, the about 37% depreciation of the cedi to the dollar in 2022 was the main cause of the significant jump in the cedi component of the external debt.
Source: Boris Advisor’s