In 2021, the quantum of Ghana’s public debt if shared amongst citizens will have every citizen owe GH¢11,133 (approximately $2,000).
The public debt has seen a huge rise in recent years.
Ghana’s public debt stock shot up by ¢27.8 billion in April 2021 and May 2021 to ¢332.4 billion, the latest Summary of Economic and Financial Data by the Bank of Ghana has revealed.
This is equivalent to $57.9 billion, about 76.66 per cent of Gross Domestic Product.
In March 2021, the total debt stock stood at ¢304.6 billion, and the significant increase in the debt stock is due to the $3 billion Eurobond raised in March 2021 as well as the huge borrowing on the domestic market.
In April 2021, the public debt stock was ¢328.0 billion. This means ¢23.4 billion new debt was added to the total debt stock.
Hoo Much Each Ghanaian Owed From 2015 -2021
This is a breakdown of the amount of money every Ghanaians owed at a point in time from 2015 to 2021.
2015 – Every Ghanaian owed GH¢3,333
2016 – Every Ghanaian owed GH¢4,066
2017 – Every Ghanaian owed GH¢4,733
2018 – Every Ghanaian owed GH¢5,766
2019 – Every Ghanaian owed GH¢7,266
2020 – Every Ghanaian owed GH¢9700
2021 – Every Ghanaian owed GH¢11,113
The domestic debt went up by ¢7.2 billion to ¢170.8 billion at the end of May 2021 despite some under subscription of Treasury bills sale. This is equivalent to 39.4% of GDP.
The external debt also went up by $3.5 billion (¢20.3 billion) to $28.1 billion. This is approximately 37.2% of GDP.
However, the financial sector debt stood unchanged at ¢15.2 billion, equivalent to 3.5% of GDP.
But the debt could go down if assets of defunct banks are retrieved quickly to offset part of it.