As of June 2023, Ghana’s public debt has surged to GH₵575.5 billion, constituting approximately 71.9% of the country’s Gross Domestic Product (GDP). This figure reflects a modest increase of GH₵6.3 billion when compared to the debt recorded in April 2023, which stood at GH₵569.2 billion. The Bank of Ghana’s Summary of Economic and Financial Data for September 2023 highlights a notable uptick in public debt, amounting to GH₵27.7 billion since January 2023.
Dollar Equivalent and Composition
In terms of the United States dollar, Ghana’s total debt stock reached US$52.3 billion by June 2023. The debt structure is divided into external and domestic components, with external debt accounting for GH₵328.6 billion (equivalent to US$29.9 billion), while domestic debt stood at GH₵246.9 billion (approximately US$30.8 billion).
Comparing these figures to April 2023, the external debt increased by GH₵7.3 billion from GH₵321.3 billion, whereas domestic debt experienced a minor decrease from GH₵247.9 billion to GH₵246.9 billion over the same period.
Nominal GDP and Stagnation
On a different note, Ghana’s nominal GDP has remained steady at GH₵800.9 billion as of June 2023. This figure has not witnessed any growth since January 2023, although it has risen significantly from the GH₵610.2 billion recorded in June 2022.
The data highlights the ongoing challenges Ghana faces in managing its public debt and maintaining economic stability. It underscores the importance of prudent fiscal policies and debt management strategies as the country navigates its financial landscape.