Ghana’s total debt stock has hit GH¢391.9 billion, data from the Bank of Ghana indicate.

According to the central bank, the country’s debt stock stood at US$ 55.1 billion as of March 2022.

Even though it dropped by $3 billion in the first quarter of 2022 from $58.4 billion in January to $55.1 billion in March, it increased in cedi terms due to the depreciation of the currency.

The cedi increment was GH¢ 40 billion.

The total debt stock was GH¢351.7 billion in January 2022.

The increase in the debt stock in cedis increases Ghana’s debt to Gross Domestic Product (GDP) ratio to 78%.

Year-on-year, from March 2021 to March 2022, the debt stock rose by about 30% from GH¢304.6 billion to GH¢391.9 billion.

The domestic component of debt rose by GH¢8 billion from GH¢ 181.9 billion in January to GH¢ 189.9 billion in March, which represents about 38% of the projected GDP for 2022.

The external component of the debt, increased significantly by about GH¢ 32 billion in the first 3 months of 2022, from GH¢169.8 billion in January to GH¢201.9 billion in March.