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Ghana's debt jumps from GH¢450 billion to GH¢575.7 billion in 2 months

January 30, 2023 2:39 PM

Ghana's total debt stock has shot up to GH¢575.7 billion in 2023 from a total of GH¢450 billion in 2022, the January 2022 Summary of Economic and Financial Data of the Bank of Ghana has shown.

Ken Ofori-Atta

The debt stock increased by GH¢108.3 billion between September and November 2021 and this represents 62.1% of GDP.

This was from GH¢271.7 billion in September 2022.

The total debt represents a debt-to-GDP ratio of 93.5% from that 75.9% in September 2022.

Ken Ofori-Atta with BoG boss Ernest Addison Pulse Ghana

In November last year, Finance Minister Ken Ofori-Atta appearing before the ad-hoc committee probing the grounds of censure filed by the Minority in Parliament, revealed that GH¢330 billion loan has been invested in One-District-One Factory, education, interchanges, Planting for Food and Jobs and other sectors that he claims have benefitted the state.

He said despite the astronomical increase in Ghana's debt stock, the focus should be on what the loans have been used for and their benefits to the nation.