Ghana’s public debt has reached GH₵575.5 billion as of June 2023, accounting for 71.9% of the country’s Gross Domestic Product (GDP). This marks a slight increase of GH₵6.3 billion compared to the GH₵569.2 billion recorded in April 2023.
The figures were reported in the Bank of Ghana’s Summary of Economic and Financial Data for September 2023. Ghana’s public debt has risen by GH₵27.7 billion since the beginning of the year, reflecting ongoing fiscal challenges.
In terms of U.S. dollars, Ghana’s total debt stock amounted to US$52.3 billion as of June 2023. This debt is composed of GH₵328.6 billion (equivalent to US$29.9 billion) in external debt and GH₵246.9 billion (equivalent to US$30.8 billion) in domestic debt.
While external debt increased by GH₵7.3 billion compared to the April 2023 figure of GH₵321.3 billion, domestic debt experienced a slight decrease from GH₵247.9 billion to GH₵246.9 billion during the same period.
Ghana’s nominal GDP remained stable at GH₵800.9 billion as of June 2023, with no significant change since the beginning of the year. However, this figure has risen compared to the GH₵610.2 billion recorded in June 2022.
The increasing public debt is a matter of concern for Ghana as it grapples with debt servicing burdens that affect its fiscal sustainability and economic stability. The government faces the challenge of managing its debt levels while ensuring sustainable economic growth and development.