Ghana's total public debt is just GHS2 billion shy of hitting GHc200 billion

Ghana’s total public debt stock is on the verge of hitting GHc200 billion, according to the Bank of Ghana’s latest economic data. 

Governor of the Bank of Ghana, Dr Ernest Addison

A report by Joy Business suggests the country’s total public debt is just GHS2 billion shy of hitting GHc200 billion.

Data published by the Central Bank on Friday shows that GHS21.4 billion was added onto the public debt in the first three months of 2019.

Meanwhile, when measured as a percentage of GDP, Ghana’s debt was 57.5 percent of GDP, as of March 2019.

The debt accumulation in 2019 is inclusive of the proceeds of the US$3 billion Eurobond the government had issued in March.

The Government of Ghana has had to pay heavy interests on its borrowings in recent times.

This could particularly be attributed to the country’s growing public debt, which is set to hit GHc200 billion soon.

The Finance Minister, Ken Ofori-Atta, is on record to have said the country is to pay in excess of GHS21 billion in interest on its debt in 2019 alone.

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