The Governor of the BoG, Dr Ernest Addison, attributed the development to decline in global growth momentum, tensions between the US and China, unresolved Brexit negotiations, geopolitical tensions, inflationary pressures in advanced economies, exchange rate pressures among others.

Of the total debt stock, Dr Addison said domestic debt was "GH¢94.6 billion (27.5% of GDP), of which GH¢11.0 billion (or 3.2% of GDP) represented bonds issued to support the financial sector clean-up while external debt was GH¢105.4 billion (30.6% of GDP)."