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The country’s total debt by the end of 2023 took a jump from GH¢446.3 billion in 2022 to GH¢610 billion ($52.4 billion), according to the Bank of Ghana (BOG)’s summary of economic and financial data. The total debt stock is 72.5% of Gross Domestic Product (GDP). The debt saw a further increase of GH¢42.7 billion between September and December 2023 after it fell by GH¢14.2 billion between June and September 2023. By September 2023, Ghana’s debt stock stood at GH¢567.3 billion ($51 billion) then continued its ascendancy by GH¢600.9 billion in November 2023.
The data further revealed that domestic debt grew by GH¢259.7 billion in December 2023 while external debt also increased by $30.1 billion (GH¢350.3 billion) that same period, representing 41.6% of GDP.
The new debt figure suggests therefore that Ghana’s debt situation has not improved despite concluding the Domestic Debt Exchange during the period.
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Gross International Reserves (GIR) as at February 2024 dropped to $6,199.5 million which is equivalent to 2.8 months of import cover. Comparatively, GIR in January 2024 stood at $6,316.5 million (2.9 months of import cover) which was increased from $5,906.6 million in December 2023.