Ghana’s total debt stock stands at GH¢88.2b at end of March 2015

Ghana’s total debt stock as at end of March 2015 is GH¢88.2 billion, the Bank of Ghana has said.

Speaking to journalists in Accra at the Monetary Policy Committee (MPC) press conference May 13, 2015, governor of the Bank, Dr. Kofi Wampah said the total public sector debt stock stood at GH¢88.2 billion at the end of March 2015, representing 65.3 percent of GDP.

“Of the total public debt, domestic debt constituted 41.4 per cent and external debt 58.6 per cent,” he said.

According to him, preliminary fiscal data for the first quarter indicate that the fiscal consolidation efforts are on track.

He said, revenue and grants were above target, on the back of strong growth in domestic revenue.

“Expenditures were below target, as the major items, including the wage bill, were contained within target. These resulted in a cash fiscal deficit equivalent to 0.6 percent of GDP, against a target of 1.9 percent,” he added.

Dr. Wampah indicated that the deficit was financed mainly from external sources totaling GH¢1 billion with a domestic net repayment of GH¢278.2 million.

By Emmanuel K. Dogbevi