Ghana’s debt rises to Gh¢119.9 bn

The debt also represents 71.9 percent of the country’s Gross Domestic Product (GDP).

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Ghana’s public debt has rises to Gh¢119.9 billion as against the latest figure of 110 billion Cedis released in July 2016, according to the latest summary of Economic and Financial data released by the Bank of Ghana.

The figure constitutes an external debt of 66 billion Cedis with the domestic debt reaching 53.9 billion Cedis. This means government borrowed about Gh¢9.9 billion alone since July last year.

The debt also represents 71.9 percent of the country’s Gross Domestic Product (GDP).

The development comes at a time that some economic watchers have criticized the increasing government’s borrowing levels for fear of hitting the 70 percent mark.

The rising borrowing and increased demands from public sector workers have contributed largely to increasing the country’s debts.

Meanwhile the statistics by the central bank has shown that the cedi has depreciated in relation to major trading currencies.

For instance the local currency has depreciated by 1.3%, 2.4% and 1.8% for the dollar, Euro and British Pound as at January 2017.

This was a further dip compared to a depreciation rate of 9.2% and 5.2% for the dollar and the Euro respectively.

Regarding revenue from major export commodities, Ghana realized 1,170.6 dollars per ounce from gold as at December 2016.

The figure represented a year to year change of 9.7 percent.

While revenue realized from crude oil and cocoa were 54 dollars per barrel and 2,381.8 dollars a tonne respectively.

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