Ghana's total debt stock hits GH¢334.6 billion

Ghana's total public debt stock has increased to GHȼ334,560.4 billion, the Minister of Finance Ken Ofori-Atta has announced.

Ken Ofori-Atta

The debt stock which ended the first quarter of 2021 at GH¢ 304.6 billion, increased by almost GH¢30 billion in April and May.

Presenting the mid-year budget review on Thursday, July 29, 2021, he said the increase in the debt stock "was mainly because of the Eurobond issuance in April 2021, COVID-19 pandemic effect, contingent liabilities, and front-loading of financing to meet cash flow requirements for the first half of the year.

"The composition of the total debt stock was made up of a provisional amount of GHȼ161,813.48 million (US$28,072.15 million) and GHȼ172,746.95 million (US$29,968.94 million) for external debt and domestic debt, respectively, which correspondingly accounted for 48.4 percent and 51.6 percent of the total debt."

Ken Ofori-Atta contended that the government's transformation agenda is on course, described the implementation of the 2021 budget as successful so far, and pronounced that Ghana's export hit USD 7.6 billion by June 2021.

He said the relatively strong performance of the external sector led to an increase in the reserves position to USD 11.0 billion, equivalent to 5.0 months of imports, one of the highest on record comparing well with a reserved position of USD 9.2 billion, equivalent to 4.3 months imports cover, in the corresponding period last year.

He insisted that the finances of the country are being managed by Government with discipline and competence that the Government recognizing that more needs to be done has put in place a "One Million Jobs Initiative" to aggressively respond to the needs of the country.

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