The country’s public debt dropped in December 2022 to end the year as data published by the Bank of Ghana shows debt to GDP is now 71.2 percent.
Per the Central Bank’s Summary of Economic and Financial Data (May 2023), the total public debt for December 2022 is now ¢434.6 billion as of the end of last year, a decrease by about ¢141.1 billion from the ¢575.7 billion recorded in November 2022.
In cedi terms, the new total debt stock decreased by about ¢141.1 billion from the ¢575.7 billion recorded in November 2022.
In dollar terms however the debt increased by about US$8 million from the US$43.9 billion recorded in November 2022 to the US$52.2 billion recorded in December 2022.
Of the total public debt for December 2022, the external debt component is ¢240.2 billion, lower than the ¢382.7 billion recorded in November 2022. This is equivalent to 39.4% of GDP.
A further breakdown of the debt numbers shows that the component of debt secured locally rose by about ¢1 billion from ¢193.1 billion in November 2022 to 194.4 billion Ghana cedis in December 2022, representing about 31.9% of GDP.