What’s to like: Debt to GDP ratio is up to 66.4% from 61% in January but it is still below the 70% psychological level and I hope it continues that way.
What’s not to like: Average lending rate is 32.7%! At this point why bother borrowing? What business will return enough for you to repay and keep something for yourself? Non-performing loans are up to 19.3%. This means almost a fifth of loans are not being serviced. This is up from 14.6% in January. Is there any wonder now why banks are unwilling to lend.
Summary of the Data:
- GDP growth rate is 4.9% for Q1 2016.
- Inflation as at December 2015 18.4%. Food inflation 8.6%. Non-food inflation 24.1%.
- Monetary policy rate 26%.
- Interbank lending rate 25.5% as at June 2016.
- Average lending rate 32.7% as at June 2016.
- Total Exports $5,089.7m. Gold $1,984.6m (39%). Cocoa $1,533.6m (30%). Oil $408.3m (8%) as at June 2016
- Total Imports $6,487.6m. Oil $846m (14.8%). Non-oil $5,641.6m as at June 2016
- Deficit on cash basis 6.7% of GDP as at December 2015.
- Total public debt GH¢105.1bn (66.4% of GDP)
- External debt as at May 2016 GH¢61.9bn (39.1% of GDP)
- Domestic debt as at May 2016 GH¢43.2bn (27.3% of GDP)
- Non-Performing loans (of banks) as at May 2016 19.3%
Download full data here