Ofori-Atta and Dr Bawumia; Members of Economic Mg'ment Committee
Ofori-Atta and Dr Bawumia; Members of Economic Mg'ment Committee

Ghana ended last year (2018) with total public debt standing at 173.2 billion Ghana cedis or 35.92 billion US Dollars compared with the 142.6 billion cedis or 29.58 billion dollars a year earlier, central bank’s data released here on Sunday disclosed.

The debt in ratio to the Gross Domestic Product (GDP) stood at 58 percent last December 31 compared with the 55.6 percent a year earlier.

Ghana’s economy expanded by 24.6 percent as a result of rebasing announced last September with 2013 as the new base year. This also helped the economy by shrinking the debt –to-GDP ratio from 65.9 percent before the announcement of the rebasing in September to 57.2 percent post-rebasing.

Of the total, external debt stood at 17.9 billion dollars or 28.9 percent of GDP while domestic debt stood at 86.9 cedis or 18.02 billion dollars translating into 29.1 percent of GDP.

The West African cocoa, gold and oil exporter which has just completed a four -year International Monetary Fund (IMF) country support program also went into the market last month to raise a total of three billion dollars in Eurobond sales.

This was after it had raised 750 million dollars in Bridge-financing from Standard Chartered Bank and the Standard Bank Group.

Ghana’s local cedi currency which started a quick reversal soon after the 3.0 billion dollars bonds issue was announced lost fortunes again against major trading currencies towards the end of March trading about 5.35 cedis to one dollar. Enditem

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