According to the Summary of Economic and Financial Data released by the Bank of Ghana, Ghana’s public debt stock increased by 40,1 billion to 391,9 billion as of the end of March 2022.
The increase in debt is mostly attributable to exchange rate fluctuations and, to a lesser extent, domestic borrowings. In the first quarter of 2022, the cedi assumed a fast slide against the dollar, but monetary measures taken by the Bank of Ghana in April 2022 halted its devaluation.
Nevertheless, 78 percent of the country’s gross domestic product was believed to be debt. This is a modest decrease from the 80 percent observed in December 2021.
The debt increased by 20.5 billion in January 2022 and 19.7 billion in February 2022, according to the data.
Domestic debt increased by 8 billion in the first quarter of 2022, reaching 189.9 billion in March 2021. This corresponds to 37.8 percent of GDP.