Ghana’s domestic debt rises to GH¢34.6b in 2014

Ghana’s domestic debt has risen from GH¢26.7 billion which was 28.4 percent of GDP in 2013 to GH¢34.6 billion which is 30.5 percent of GDP at the end of 2014, the Bank of Ghana says.

The Bank notes also that the country’s external debt stood at US$13 billion (36.6% of GDP) at the end 2014, up from US$11.5 billion (26.9% of GDP) in 2013.

“This brings the total public debt to GH¢76.1 billion (67.1% of GDP), up from GH¢51.9 billion (55.3% of GDP) in 2013,” the Bank says.

The central bank indicates that the budget deficit was financed from both domestic and foreign sources, with the banking sector accounting for 57.7 percent while the non-bank sector financed the remaining 42.3 percent.

By Emmanuel K. Dogbevi