Ghana’s debt hit GHc127.5bn – BoG

Ghana’s public debt has reached GHc127.5 billion according to Bank of Ghana’s Summary of Economic and Financial Data issued Friday May 19, 2017.

This represents 63.7 percent of GDP. The current figure is 7 billion higher than the 122 billion recorded at the end of 2016.

Per the data, out of the GHc127.5 billion, external debt accounts for GHc74.5 billion, while debt incurred internally stands at GHc55 billion.

It is recalled that president Akufo-Addo revealed during his maiden State of the Nation Address on February 21 2017 disclosed that the country’s debt stock ballooned from GHc9.5billion from 2009 to GHc122billion.

Nonetheless, he pledged that he will not allow the country’s economy to plummeted further under his watch.

“I will not allow this country to collapse under my watch. We will reduce significantly the fiscal deficit this year,” he said.

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