Ghana’s debt increased by 57% between July and August

Ghana’s debt has increased by 57% between July and August this year.

Ghana's finance minister Ken Ofori Atta

Ghana’s finance minister Ken Ofori Att

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.


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