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    A petrol station worker fuels a car along Kimathi street on July 14 2019,after the Energy and Petroleum Regulatory Authority (EPRA) announced new retail pump prices of petroleum products effective from July 15 to August 14, 2019.price of super petrol increase by Sh0.29 per litre while diesel and kerosene decreased by Sh0.88 and SH2.31 per litre respectively.PHOTO|SILA KIPLAGAT

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    Manufacture of petroleum products push PPI to 31.2% in April

    Nigeria begins processes to join Ghana-Côte d’Ivoire Cocoa Initiative

    Victor Yaw Asante, FBNBank Ghana MD

    Banks will continue to innovate to meet customers’ expectations – FBNBank’s MD

    6th CEO’s Summit pushes for ease of doing business law to boost economic growth

    Policy rate likely to be increased to tame inflation – Databank CEO

    Banking Consultant bemoans continuous charging of unfair fees by banks

    Chamber of IPPs disappointed over ECG’s tariff increase request

    A comprehensive storage strategy will deal with post – harvest losses & inflation – CSIR

    A petrol station worker fuels a car along Kimathi street on July 14 2019,after the Energy and Petroleum Regulatory Authority (EPRA) announced new retail pump prices of petroleum products effective from July 15 to August 14, 2019.price of super petrol increase by Sh0.29 per litre while diesel and kerosene decreased by Sh0.88 and SH2.31 per litre respectively.PHOTO|SILA KIPLAGAT

    NPA allays fears of fuel scarcity in the country

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    1.5% E-Levy rate will negatively impact GH¢6.9 billion target – Prof. Quartey

    Transactions to be affected by E-levy

    Bethniel Finance emerges winner in Innovation Challenge Program

    Taxing of non-resident e-commerce entities in Ghana could push prices up – Technology Consultant

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    Greater, more diverse participation in global trade is key to achieving Africa’s economic transformation – World Bank

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Ghana’s debt stock hits GHS273.8 billion, crosses dreaded 70% debt-to-GDP mark

byBobbie Osei
November 23, 2020
in Banking And Finance, Economy, Local Economy, News, Top Stories
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Ghana’s total public debt stock has risen by GHS54.8 billion in the first nine months of this year, hitting GHS273.8 billion as at the end of September 2020.

Government is currently under pressure to slow down the rate of debt accumulation.

The new debt figure pushes Ghana’s debt to GDP ratio to 71 percent, crossing the dreaded 70 percent threshold for the first time since December 2016 when the figure stood at 73.3 percent.

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According to the latest Summary of Macroeconomic and Financial Data from the Bank of Ghana, the total public debt stock which started the year at GHS219.6 billion, has increased by 26.7 percent within nine months.

Debt accumulation for the first 9 months of 2017, 2018 and 2019 however rose by 8.9 percent, 17.2 percent and 18 percent respectively.

A breakdown of the debt numbers shows that GHS 138.5 billion of the debt were secured from outside the country, this is about 35.9 percent of the total value of the economy.

On the other hand, GHS135.3 billion was secured locally. This represents, 35.1 percent of GDP.

Speaking to Citi Business News on the development, economist with Databank, Courage Martey, while predicting that Ghana could end the year at 74 percent Debt-to-GDP ratio if nothing is done, called for an urgent need to slow down the rate of debt accumulation.

“At the rate we are going, we might just hit 74% Debt-to-GDP ratio by the end of 2020, and that doesn’t make for a comfortable outlook at all. For me, the big issue is that, if you look at the growth in the debt stock year-on-year, you will realize that debt stock has increased by 31 percent year-on-year. Now you need revenue to service your debt obligations, but if you look at your revenue growth analysis, on a year-on-year basis we can see our revenue has declined by 1.3 % for obvious reasons.”

“This tells you that while our debt obligation has increased, our capacity to service this debt has weakened, because of the decline in revenue. And this is a significant threat to debt sustainability and on this count for me, is where we have to be very cautious and slow down the rate of debt accumulation,” he added.

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