Ken Ofori Atta, the Finance Minister has stated that, Ghana’s debt stock has risen to GHS255.7 billion, as of June 2020.
Some GHS50 billion has been added to the debt stock in the last 12 months.
Provisional figures from the Finance Minister indicated that the current debt stock is 66.36 percent of GDP.
“The increase was mainly as a result of a Eurobond issuance of US$3.0 billion in February 2020, exchange rate depreciation, frontloading of expenditures and the COVID-19 effect which increased the cedi equivalent of the outstanding debt stock,” Mr. Ofori-Atta explained during the mid-year budget review.
The total debt stock was made up of GHS134.9 billion of external debt and GHS120.8 billion domestic debt.
These accounted for 52.7 percent and 47.3 percent of the total public debt stock, respectively.
As a percentage of GDP, external and domestic debt represented 35 percent and 31.36 percent, respectively.
In the first quarter of 2020, Ghana added GHS16.9 billion to its debt stock, taking it to GHS 236.1 billion.
means Ghana added almost GHS20 billion to its debt stock in the subsequent three months, which coincided with the toughest periods of the COVID-19 pandemic.