Ghana`s Public Debt Stands At 76.1 Billion Ghana Cedis

Ghana’s total public debt now stands at 76.1 billion Ghana cedis or 67.1% of GDP, up from 51.9 billion Ghana cedis or 55.3% of GDP in 2013. 

The Governor of the Bank of Ghana Dr Henry Kofi Wampah, said Ghana’s stock of domestic debt now stands at 34.6 billion or 30.5% of Gross Domestic Product as at the end of 2014 with the external debt at 13 billion dollars or 36.6% of GDP at the end 2014, up from 11.5 billion dollars or 26.9% of GDP in 2013.

The Governor of the Bank made the disclosure during the Bank’s Monetary Policy Committee press briefing in Accra. 

He said preliminary banking data on the execution of the Government Budget for 2014 indicated that total revenue and grants mobilised for the review period was equivalent to 16.6% GDP, higher than the 15% recorded in 2013.  

He said government spending, including arrears clearance, amounted to 23.6 of GDP, slightly above the outlay of 23.2% of GDP for 2013.  

These developments he said resulted in a narrow budget deficit equivalent to seven per cent of GDP. 

Dr Wampah said at the moment, a technical team from the International Monetary Fund is in the country to assist the Bank in its operations, while the bailout delegation is also finalising arrangements for the programme.  

GNA