Ghana’s debt stock hits GH¢205.5 billion, here’s how much every Ghanaian owes

A new data from the Bank of Ghana has shown that the country’s total debt stock has hit GH¢205.5 billion as of July 2019.

Finance Minister, Ken Ofori-Atta

The amount represents 59.4% of the country’s Gross Domestic Product (GDP).

The data further showed that between May and July this year Ghana’s debt stock increased by GH¢5.5 billion.

As of May 2019, the debt stock was at GH¢200 billion.

Comparing the debt stock to the same period in 2018, the figure was at GH¢159.7 billion which represented 53.5%of the GDP at the time.

A breakdown of the debt stock shows that the external component was at 20.4 billion dollars representing 31% of GDP.

The domestic side is made up of GH¢98 billion is representing 28.4% of GDP.

How much does every Ghanaian owe

Based on the GH¢205.5 billion debt, it is estimated that every Ghanaian should owe about GH¢6,850 if the debt is shared among the population size of 20 million. 

Impact of rising debt stock on the economy

For some, the impact would be on Ghana’s debt servicing bill.

According to the 2019 Budget government is planning to set aside GH¢18.6 billion just to pay for the interest of funds borrowed.

Again, if the economy does not expand to accommodate this rising debt, it could impact negatively on the country Debt-to-GDP Ratio, which currently stands at almost 60%.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

Top 5 transfer hijacks in Premier League history

Top 5 transfer hijacks in Premier League history

Regina Daniels and hubby welcome 2nd child

Regina Daniels and hubby welcome 2nd child

PDP in disarray as crisis over Atiku’s selection of Okowa worsens

PDP in disarray as crisis over Atiku’s selection of Okowa worsens

BREAKING: Bandits kidnap Chinese nationals, kill 6 soldiers, 7 cops

BREAKING: Bandits kidnap Chinese nationals, kill 6 soldiers, 7 cops

I’m lonely – Physically challenged 56-year-old virgin regrets rejecting men (video)

"I’m lonely" – Physically challenged 56-year-old virgin regrets rejecting men (video)

For men: Here're 4 ways to tell if your partner is faking orgasm

For men: Here're 4 ways to tell if your partner is faking orgasm

Ortom calls out PDP for betraying Wike

Ortom calls out PDP for betraying Wike

Inside the most expensive school in Ghana where kindergarten costs GHc176K a year

Inside the most expensive school in Ghana where kindergarten costs GHc176K a year

When and where to watch Super Eagles of Nigeria vs São Tomé and Príncipe

When and where to watch Super Eagles of Nigeria vs São Tomé and Príncipe