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According to the Central Bank, the new debt figure pushes Ghana's debt to GDP ratio to 74.4 % at the end of 2020 from the 62.4 % recorded at the end of 2019.
This is the first time in more than 15 years that the debt-to-GDP ratio has reached 74 percent.
The Governor of the Bank of Ghana, Ernest Addison addressing the media said "he elevated fiscal path has impacted the stock of public debt which rose to 74.4 percent of GDP (GHS286.9 billion) at the end of November 2020 compared with 62.4 percent of GDP (GHS218.2 billion) at the end of December 2019. Of the total debt stock, domestic debt was GH¢147.3 billion (38.2 percent of GDP), while external debt was GHS139.6 billion (36.2 percent of GDP)."
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Of the debt stock, the data showed that GH¢15.4 billion, equivalent to four percent of GDP, was expended on the financial sector clean-up exercise.
"As a result, net domestic assets increased by 42.2 percent year-on-year in 2020, compared with a modest 15.0 percent growth in 2019, while net foreign assets contracted by 12.6 percent, compared with 51.7 percent growth in the same comparative periods. Broad money (M2+) grew by 29.6 percent in 2020, compared with 21.7 percent growth in 2019. The expansion in M2+ was mainly on account of increased growth in net domestic assets of the depository sector. The growth in M2+ reflected in expansion in currency outside banks and domestic deposits," he added.