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Ghana’s total debt hits $145 billion

Ghana’s total public debt has hit $145 billion in February from $143.9 in billion in January 2018, the Bank of Ghana has published.

A summary of economic and fiscal data on the central bank’s website noted that the new debt amounts to 60 percent of Gross Domestic Product (GDP).

Of the total debt, external debt amounted to $76.9 billion, thus 31.8 percent of GDP, while domestic debt was 68.2 percent, thus 28.2 percent.

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The International Monetary Fund this month warned Ghana and other African countries high debt rate despite economic growth.

The high debt rate has been attributed to sub Saharan’s bid to tap international debt markets and issue record levels of debt in foreign currencies, as well as granting high yields to investors.

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