Ghana's public debt stock increased by $9 billion in July 2022 to 402.4 billion, according to the October 2022 Bank of Ghana Summary of Economic and Financial Data.
This is comparable to 68% of GDP, which is significantly lower than the World Bank's anticipated debt-to-GDP ratio of 104.6% in 2022. The country's debt fell somewhat to $53.2 billion in July 2022, from $54.4 billion in June 2022. According to the data, the country did not borrow any new funds from the international market during the period. However, the debt level will rise in the future, thanks to a $750 million Afrieximbank loan in August 2022. The external debt remained practically unchanged at $28 billion, or 35.8% of GDP, according to the figures. The domestic debt, on the other hand, has been increasing since January 2022 as a result of the government's massive borrowing in the domestic financial market.
It was 190.3 billion in July 2022, up from 190.1 billion in June.
Domestic debt stood at 181.9 billion in January 2022, then rose to 185.4 billion in February 2022 and 190.1 billion in March 2022. It then increased to 189.2 billion in April 2022 and 188.5 billion in May 2022. The financial industry resolution bond, on the other hand, declined by $100 million to $14.4 billion in July 2022. This equates to 2.4% of GDP. The country's entire public debt stock fell to 388.1 billion in April 2022, down from 392.1 billion in March 2022. It later increased marginally to 389.2 billion in May 2022, and then to 393.4 billion in June 2022.
Ghana is classified as a high debt distressed country by the World Bank.
The World Bank classed Ghana as a high debt distress country in its latest Africa Pulse Report, projecting a debt-to-GDP ratio of 104.6% by the end of 2022. According to the research, debt is likely to rise dramatically from 76.6% a year ago, due to a widening government deficit, severe depreciation of the cedi, and rising debt servicing costs.
