Ghana’s public debt has surged to GH¢575.5 billion as of June 2023, which accounts for 71.9 percent of the national gross domestic debt.
This marks a marginal increase of GH¢6.3 billion compared to the GH¢569.2 billion in public debt recorded in April 2023.
According to the September 2023 Bank of Ghana Summary of Economic and Financial Data, Ghana’s public debt has seen a total rise of GH¢27.7 billion since January 2023. Of this debt, GH¢328.6 billion (equivalent to US$29.9 billion) is attributed to external debt, while GH¢246.9 billion ($30.8 billion) is from domestic sources.
Notably, the figures reveal a GH¢7.3 billion increase in external debt compared to April 2023, when it stood at GH¢321.3 billion. In contrast, domestic debt has decreased slightly from GH¢247.9 billion to GH¢246.9 billion over the same period.
However, the nominal GDP has remained stable at GH¢800.9 billion as of June 2023, maintaining the level reported in January 2023.
This represents a significant increase from the GH¢610.2 billion reported in June 2022.