Ghana’s Debt Rises To GHS 255 Billion, Says Minister Of Finance Ken Ofori-Atta

Per the mid-year budget which was read in parliament today by the Minister of Finance some few minutes ago, it has been noted that Ghana’s debt stock has risen to GHS 255 billion as at June 2020. GHS 50 billion has been added to Ghana’s debt stock in the last 12 months which i think we re going to pay one way or the other.

Some provisional figures from Ken Ofori-Atta who turns out to be the Finance Minister stated categorically that Ghana’s current dent stock is 66.36 percent of GDP and this is what he had to say that it; ” The increase was mainly as a result of a Euro-bond issuance of $3.0 billion in February 2020, exchange rate depreciation, front loading of expenditures and the COVID-19 effect which increased the cedi equivalent of the outstanding debts stock”.

In all, the total debt stock was made up of GHS134.8 billion of external debt and GHS120.8 billion domestic debt which actually accounted for the 52.7% and 47.3% of the total public debt stock. External and domestic debt recorded reprsented 35% and 31.36%.

In the first three months of 2020, Ghana added GHS 16.9 billion to its debt stock shooting it to GHS 236.1 billion. This means that Ghana added almost GHS 20 billion to its debt stock in just three months accidentally coincided with the COVID-19 pandemic.

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