Latest figures released by the Bank of Ghana (BoG) show that the country’s total debt stock in 2019 grew by 25.93 percent.
By this, Ghana’s debt increased from 173.1 billion cedis in 2018 to 218 billion cedis in 2019, adding 44.9 billion cedis to the debt stock.
The figures, which are contained in the Summary of Economic and Financial Data released on March 20, 2020, showed that the country’s debt stock of 218 billion cedis represents 63 percent of the GDP.
The breakdown of the debt stock shows that the domestic component is at 105 billion cedis representing 30.5 percent, while the external component hit 20.3 billion dollars representing 32.5 percent.ADVERTISEMENT
In 2019, government announced several measures aimed at containing the country’s debt level to prevent it from reaching unsustainable levels.
In the Banking sector, the data showed that the level of banks Non Performing Loans, which is credit gone bad reduced from 18.4 percent in January 2019 to 13.6 percent in January 2020.
Also, the Total Assets of banks saw a significant growth from 106 billion cedis in January 2019 to 128.5 billion in January 2020.