Bank of Ghana
Bank of Ghana

The stock of Ghana’s public debt increased 3.3 percent to 159.4 billion Ghana cedis or 33.9 billion US Dollars by end of July, compared to the 154 .3 billion (or 34.9 billion dollars) by the end of May, Bank of Ghana confirmed here on Monday.

The figures announced here by governor of the Bank of Ghana, Ernest Addison indicated that the debt stock therefore increased by 5.1 billion cedis or 1.07 billion dollars between May and July.

The debt stock then stood at 65.9 percent of Gross Domestic Product (GDP) at the end of the period being reviewed, relative to the 63.8 percent debt-to-GDP ratio recorded by the end of May, according to the central bank data released ahead of Monday’s Monetary Policy Committee (MPC) press briefing.

While domestic debt stood at 73.8 billion cedis or15.4 billion dollars representing 30.6 percent of GDP, external debts stood at 85.5 billion cedis or 18.2 billion dollars represent 35.4 percent of GDP.

“Total domestic debt was 46 percent of the overall public debt while the external debt was 54 percent of total debt,” Addison added.

Out of 22.4 billion cedis borrowed from the local and international market for the first half of the year 4.6 billion cedis were wholly fresh debts used to support government’s budgetary allocations while 17.8 billion cedis were for debt servicing.

The governor also announced a trade balance of 1.4 billion dollars by the end of August indicating a rise in crude oil export.

Export earnings increased to 10 billion dollars by August this year, relative to the 9.1 billion dollars recorded over the same period last year.

The West African country earned 2.9 billion dollars from the export of crude oil, while raking in 1.4 billion dollars from cocoa and 3.8 billion from gold.

Ghana now a net exporter of crude oil spent 1.6 billion dollars importing crude oil and seven billion dollars on other commodity imports, while gross international reserves dropped to 3.5 months of import cover in August compared to the 3.8 months of import cover recorded for July.

While the local cedi currency depreciated cumulatively by 4.4 percent over the first six months last year, the cedi lost about 7.4 percent of its value over the period this year. Enditem

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