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Economic news for Sunday February 21, 2021
Source: Goldstreet Company
02/21/2021
Ghana’s stock of public debt fell from GH ¢ 274.1 billion in September 2020 to GH ¢ 286.9 billion in November 2020
The multilateral debt component of external debt stood at $ 7.9 billion at the end of September 2020, data from the Bank of Ghana revealed.
This is an increase of $ 117.31 million (1.5%), compared to the level of $ 7.81 billion recorded at the end of the second quarter of 2020.
Debt is expected to have skyrocketed in 2020 due to the impact of COVID-19 on the economy, which has resulted in increased borrowing from the Bretton Wood institutions.
Multilateral institutions include the World Bank, the International Monetary Bank and the African Development Bank.
According to the Bank of Ghana, multilateral debt represented 32.7% of total debt outstanding at the end of the third quarter of 2020.
However, debts owed to the international capital market amounted to $ 10. 2 billion, i.e. the highest percentage share of 42.1% of the total outstanding external debt at end-September 2020.
This is compared to 37.9% for the same period in 2019. This stock position represented a marginal decrease of $ 15.99 million (0.2%) from the level of $ 10.2 billion recorded at the end of the previous month.
The bilateral component of the external debt stock for the third quarter of 2020 was $ 1.23 billion and represented a 5.1 percent share of the total external debt stock, compared to 5.9 percent for the same period in 2019.
In contrast, trade debts at the end of September 2020 stood at $ 2.2 billion and constituted 9.4% of total external debt stock.
This amount was $ 57.87 million, 2.6% above the level of $ 2.2 billion recorded in the second quarter.
Other concessional debts totaled $ 1.62 billion at the end of the third quarter and constituted 6.7% of the external debt stock.
This indicates a decrease of $ 26.69 million (1.6%) from the previous quarter’s position of US $ 1.65 billion.
COVID-19 spending pushes Ghana’s debt to GH ¢ 286 billion
Ghana’s outstanding public debt increased from GH ¢ 274.1 billion in September 2020 to GH ¢ 286.9 billion in November 2020, according to the latest summary of economic and financial data from the Bank of Ghana.
This equates to $ 50.2 billion and represents 74.4% of gross domestic product (the total value of goods and services produced in an economy during a period).
According to the data, the external component of the debt stood at 139.6 billion ¢ ($ 24.4 billion), or about 36.2% of GDP.
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