New figures released by the Bank of Ghana (BoG) after its Monetary Policy Committee (MPC) meeting show that Ghana’s public debt reached 142.5 billion cedis as at December 2017, representing 69.8 percent of GDP.
This is a reduction from the 73.3 percent recorded in December 2016.
The total debt stock in 2016 was at 122.6 billion cedis.
This means that the debt stock has almost hit the dreaded 70 percent of GDP, a point the International Monetary Fund (IMF) has constantly cautioned against.
The data shows that in September 2017, Ghana’s debt stood at 138.9 billion cedis representing 68.1%; the figure dropped to 137.6 billion cedis in October representing 67.4%.
But in November 2017, it went up to 139 billion cedis representing 68.1 percent.
The domestic component of debt as at December 2017 stood at 66.7 billion cedis, while the foreign debt stock was at 75.8 billion cedis.
Export Earnings
In the first two months of the year, export earnings by February 2018, reached 2.8 billion dollars.
Gold raked in a little over 1 billion dollars, while cocoa fetched cocoa 650 million dollars. Earnings from oil export also reached 664 million dollars.
On the import side, Ghana spent 2.2 billion on imports.
Banking Sector
In the banking sector, Total Advances of banks saw a drop this year from 38.5 billion cedis in January to 35.8 billion cedis in February. Also, Banks Total Asset stood at 95.1 billion cedis, same as January this year.
Source: citifmonline.com
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AT MARK, IF YOUR FATHER DIDN'T LIVE A GOOD OR BETTER LEGACY YOUR LIFE WOULD BE HARD AND REGRET. I BET YOUR LEADER MAHAMA DIDN'T DO ENOUGH TO UPLIFT THE ECONOMY. with all His wise people supporting him with His Sense He drew us "backwards". I wonder what "Kwame Nkrumah would say..."
Massa; I told you so !!!; Ghana spends all her earnings on imports and accumulates debts for the next government to pay ; the solution are right under our noses ; we were told Dr bawumia and Ofori-Atta Nana Addo's nephew will conjure their majic economic wand and all will be well; it was all BULL .......>.......SHEET and hot air by Nana Addo ; revenue collection is a failure ; how can you use the exchange rate to determine import duties at the port with no flexibility of payment and when you no the cedi is not a stable currency ; corruption is at its peak at both ports airport and at Tema port ; how can you allow a labanesse to take over the operation of export facilities at the airport; how can one import a secondhand car costing $4000 and then pay a duty rate of $7000 ; if you cannot pay the car is seized and sold to frineds for $1000 ; GHANAIANS ARE BY NATURE THIFFS !!!!!!AND NATION WRECKERS FULED BY THE THREE EBOLA VIRUS PROFESSIONS IN OUR SOCIETY : JOURNALIST ; PASTORS AND POLITICIANS ; Our politicians will tell us if they gain power they can rule us but they rather come to rob and steel from Ghanaians and pile up debts for the next government to tackle ; pastos will come and tell Ghanaians they have direct lines to God and that they can predict the death of anybody in Ghana ; then you have these dishonest journalists who are in the pockets of these politicians ansd on the rampage for 'NOKOFIO" and never print the truth but lies ; WHICH PROFESSION WOULD LIKE TO JOIN ? I KNOW WHICH ONE I WILL JOIN PERHAPS THE ARMED ROBBERS !!!!
Goodness!! Eno no Ed’s hi no!!! These are just the figures they want the public to see because of shame and arrogance!! Our situation is far worse and not redeemable!! The day of reckoning is nigh!!!
Aahhh!!!! Are we still borrowing money in this era? I thought emm..... the self acclaimed economic professor cum saviour said there was enough money in Ghana hence they will not borrow when voted in to power? Is this the SMART borrowing or SMART LENDING???
Welcome to borrowing spree.The Economic Prophet, Economics Guru, Economic diagnoser Dr. Bawumia was told that practicals is far different from theory but he and his ***barred word*** NPP supporters keep on hipping unnecessary praise singing. Now here we are, so sad.