Ghana Public debt stands at 72.5% of GDP

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Economic and Financial Data from the Bank of Ghana reveals that, the country's public debt sits at GH¢ 122.3billion.

This represents 72.5% of GDP at the end of February 2017.

The new figure is GH¢ 22billion higher compared to the same period last year which was GH¢ 100.2billion representing 72.2% of GDP.

According to the BOG’s data, out of the GH¢ 122.3billion public debt, GH¢ 53.4 billion was domestic being facilities or loans secured from the country while GH¢ 68.9billion was from external borrowing.

READ ALSO: Energy Government commits GHC588m to legacy debts

Domestic borrowings represented 31.6% while the external debts to GDP was 40.8%.

Comparing the current figures to the same period in 2016 (February), Ghana recorded external debt of GH¢ 59.9billion which was 43.2% of GDP while domestic borrow for the same period was GH¢ 40.3billion representing 29.0% of GDP.

The International Monetary Funds (IMF) still puts Ghana among the high – risk distress debt country. This means Ghana may have challenges in payments of its debts on time.

READ ALSO: Here's a breakdown of how much Ghana lost to illegal gold mining in 2016

Meanwhile the Monetary Policy Committee of the Central Bank of Ghana (BoG) has loosen its tight monetary stance to 23.5 per cent, after inflation trended downwards for the fifth consecutive time and the local currency maintained a steady performance against the US dollar.

Inflation, has since October last year, fallen consistently from 15.8 percent to 13.2 percent as at last month and is further projected to continue its downward trend after petroleum prices fell marginally, following the scrapping of some taxes in the price build-up.

READ ALSO: Bank of Ghana reduces policy rate to 23.5%

The petroleum prices, which provide principal inflationary pressures, are expected to fall further in the next pricing window as the local currency, which had depreciated 8.6 percent as at March 10, recovered from its decline to record a year-to-date depreciation of 4.8 percent.

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