Ghana’s debt has increased by 57% between July and August this year.
The Bank of Ghana has released the latest summary of economic figures and Ghana seems to be continuously adding more to its debts.
A statement from the central bank indicated that, Ghana, between July and August 2018 added GH¢11.4 billion to its debt stock.
The bank said, calculating this as a percentage of the Gross Domestic Product (GDP), Ghana’s debt represents 57.2 per cent.
The country domestic debt component had reached GH¢84.2 billion yet the country has within the period, accumulated an external debt component of GH¢86.6 billion.
Meanwhile, between as at October this year, the country’s total exports reached $12.54 billion. The revenue generated from gold was the highest with an amount of $4.7 billion.
Oil was next and it brought in $3.83 billion in revenue with cocoa placing third with its export revenue reaching 1.67 billion dollars.
In the banking sector, the total Non-Performing Loans (NPLs) increased marginally to 20.1 per cent in October after dropping to 20 per cent in September
Also the total deposits of all banks remained at GH¢67.5 billion in nominal terms, but increased by 20.9 per cent on a year on year basis.