By: Pius
Amihere Eduku (citibusinessnews.com: Ghana)
Ghana’s
total public debt has hit 112.4 billion cedis equivalent to 28.3 billion
dollars, as at September 2016.
The
figure represents about 14 percent increase from the 98.8 billion cedis
recorded in January this year.
The
external component of the debt is estimated at 65 billion cedis;
representing 39 percent of GDP while the domestic component of the debt is
estimated at 47.4 billion cedis; representing 28.4 percent of GDP.
As at
July, the provisional figures released by the central bank indicated that the
debt to GDP ratio had dropped from the 71.6 percent mark to 65.9 percent.
The
external component of the country’s debt had been declining between January and
June.
The
figure dropped from 60.7 billion cedis in January to 60.4 billion cedis in
June.
This
translated into a debt to GDP ratio of 36.4 and 36.2 percent respectively.
However,
the external component of Ghana’s debts increased by 2 billion cedis in July,
went up again in August and reached the 65 billion cedis at the end of
September.
Meanwhile
the local component of the debt has been increasing throughout the nine month
period.
It moved
from 40.4 billion cedis in January (24.2 percent of GDP) to 47.4 billion cedis
in September (28.4 percent of GDP).
In
addition, total expenditure as a percentage of GDP increased significantly from
1.4 percent in January 2016 to 14 percent in July 2016.
Total
revenue and grants to GDP for the period also increased by over 700 percent;
from 1.3 percent to 11.1 percent.
Similarly,
tax revenue accruing to the state for the seven month period went up from 1.1
to 9 percent between January and July this year. (sic)
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