Ghana’s debt level as of December 2021 accounted for 80.1 per cent of the country’s Gross Domestic Product (GDP) compared to to 76 per cent in December 2020.
This means Ghana’s debt has moved deeper into distress just as warned by Bloomberg earlier in an article.
The debt accumulation showed signs of decline in Q3 2021 but accelerated in the last quarter of the year as the country added GH¢10 billion to its debt compared to the previous quarter.
According to data from the Bank of Ghana, the public debt ended 2021 at GH¢351.8 billion, up from GH¢341.8 billion in October 2021.
Debt accumulation in the last and final quarter of last year, therefore, translated to a quarter-on-quarter growth of 2.9 per cent, thus, between October and December 2020.