Ghana’s total debt hits GHS159.4bn

New data released by the Bank of Ghana puts the country’s total debt by July at 159.4 billion cedis, representing 65.9 percent of the GDP.

The external component of the debt stood at 18.2 billion U.S dollars, while the domestic debt hit 73.8 billion cedis.

The data which was published after the Monetary Policy Committee concluded its meeting showed that the total debt stock increased by 5.1 billion cedis from 154.3 billion cedis in May to 159.4 billion cedis in July 2018.

Compared to the same period in July 2017, the debt to GDP however dropped from 67.4 percent [137.5billion cedis] to 65.9 percent.

External sector development

On external sector development the country’s export hit 10 billion dollars while imports was at 8.7 billion dollars in August this year.

Gold fetched the country 3.7 billion dollars while cocoa brought in 1.4 billion dollars in August.

Export of oil also fetched the country 2.9 billion dollars in the same period.

Banking sector

In the banking sector, the data showed that total assets of banks stood at 106 billion cedis as at August.

Compared to the same period in 2017, the total assets of the banking sector was 86 billion cedis.

Meanwhile, Non-Performing Loans, which is credit gone bad was at 21.3 percent as at August.

In the same period in 2017 the NPL was at 21.9 percent showing a drop on year to year basis.

Source: Citi Business News

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