Ghana’s public debt hits over ¢391bn in 2022 first quarter

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Ghana’s public debt stock rose from 40.1 billion to 391.9 billion by March 2022, according to the Bank of Ghana’s Summary of Economic and Financial Data.

According to the report, currency rate fluctuations and local borrowings drove up the debt. The cedi depreciated against the dollar in the first quarter of 2022, but the Bank of Ghana stopped it in April.

The country’s debt was 78% of its GDP. This is lower than December 2021’s 80%. The debt increased by 20.5 billion in January 2022 and 19.7 billion in February 2022.

In the first quarter of 2022, domestic debt rose by 8 billion to 189.9 billion. 37.8% of GDP.

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External debt rose to $28.4 billion (201.9 billion) in March 2022 from $28.1 billion in December 2021. According to the numbers, there were no foreign borrowings in the first quarter.

The cedi component rose by 31.9 billion in the first three months of 2022 owing to a weaker cedi.

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The financial industry resolution bond fell from 14.9 billion in December 2021 to 14.6 billion in March 2022. 2.9% of GDP.

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