Ghana’s total debt stock has reached GHC 286.9 billion cedis as at November 2020 according to the latest summary of Economic and financial data released by the Central Bank.
This means that government spent about GHC 3.2 billion cedis between October and November last year. The data released today puts external debt at 139.6 billion cedis representing 36.2 percent of Gross Domestic Product, GDP.
Domestic debt on the other hand according to the data was GHC 147.3 billion cedis representing 38.2 percent of Gross Domestic Product.
The release of the latest debt stock figure comes ahead of the announcement of a new policy rate by the Monetary Policy Committee which currently stands at GHC 14.5 percent.
Meanwhile the economic management have been meeting since Wednesday to review the health of the economy.
Below is the full data
Ghana has been ranked the ninth most indebted African country to the world’s second biggest economy, China.China has over the past few years established itself as one of the world’s economic superpowers as well as one of the biggest lenders to African countries.
Fiscal support from China has helped countries on the continent pursue various forms of development, but has on the downside riddled several nations on the continent with debt.
Data from Africa Facts Zone, indicate that Ghana ranks 9th on the continent in terms of debts owed the Asian superpower. Africa Facts Zone estimates that Ghana owes China about $3.4 billion.
Angola places first with a total debt of $25 billion, followed by Ethiopia ($13.5 billion), Kenya ($8 billion), Congo ($7.3 billion), Sudan ($6.4 billion) and Zambia ($6 billion).
The remaining are Cameroon ($5.5 billion), Nigeria ($4.8 billion), Ghana ($3.5 billion) and DR Congo ($3.4 billion).