Brand-new figures announced by the Bank of Ghana show that the country’s debt stock increased by 16.9 billion cedis in the very first quarter of 2020, that’s from January to March.
The figures, which were included in the Bank of Ghana’s Summary of Economic and Financial Data pegs Ghana’s debt stock by March 2020 at 236.1 billion cedis, representing 59.3 percent of the GDP.
According to the information, Ghana’s financial obligation increased from 219.2 billion cedis in January this year, to 236.1 billion cedis by March 2020.
A breakdown of the data reveals that Ghana’s debt increased by 38.1 billion cedis on a year-on-year basis, which is from March 2019 to March 2020.
On the domestic side, the debt stock stood at 111.3 billion cedis, while the external element of the financial obligation reached 124.8 billion cedis.
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In the banking sector, Overall Properties of banks grew from 111.2 billion cedis in March 2019, compared to 133.5 billion cedis in March 2020. Total deposits likewise increased from 73 billion cedis to 84 billion cedis within the exact same period.
On the external sector advancement, the data showed that Ghana’s overall export invoices dropped to 3.9 billion dollars in March 2020, compared to 4 billion dollars in March 2019.
Gold fetched the country 1.4 billion dollars, while cocoa and oil generated 959.5 million dollars and 874.1 million dollars respectively by the very first quarter of the year.
On the import side, overall imports within the very first three months of the year stood at 2.9 billion dollars. The import of oil taped 511 million dollars while non-oil import was at 2.48 billion dollars.
