Ghana’s public debt reached GH₵575.5 billion, equivalent to 71.9% of the Gross Domestic Product (GDP) as of June 2023.
This marks an increase of GH₵6.3 billion compared to the GH₵569.2 billion reported in April 2023.
According to the Bank of Ghana’s Summary of Economic and Financial Data for September 2023, the country’s public debt has risen by GH₵27.7 billion since January 2023. In terms of US dollars, the total debt stood at US$52.3 billion in June 2023.
Breaking it down, the external debt accounted for GH₵328.6 billion (equivalent to US$29.9 billion), while the domestic debt amounted to GH₵246.9 billion (approximately $30.8 billion).
It’s worth noting that while the external debt increased by GH₵7.3 billion compared to April 2023, the domestic debt witnessed a slight decrease from GH₵247.9 billion to GH₵246.9 billion during the same period.
On the economic front, the nominal GDP remained unchanged at GH₵800.9 billion as of June 2023. This figure has remained steady since January 2023 but has seen significant growth from the GH₵610.2 billion recorded in June 2022.