\n
The country\u2019s debt stock reached \u00a2139 billion as at the end of June this year, the latest economic and financial data released by the Bank of Ghana (BoG) has revealed.<\/p>\n
The data revealed after a meeting to review the health\u00a0of the economy showed that from May to June 2017,\u00a0the debt stock went by \u00a21.4 billion.<\/p>\n
It is not clear what might have caused the spike in the debt stock; although some believe it could be due to fresh borrowings, cedis’ marginal depreciation or some additional commitment made by government during this period.\u00a0<\/p>\n
<\/p>\n
Debts breakdown\u00a0 <\/b><\/p>\n
The data showed that \u00a274.6 billion of the debts were loans secured from outside the country, while \u00a264 billion were domestic debts.<\/p>\n
The economic and financial data puts the country\u2019s debt-to-GDP ratio at 68.6 percent which is below the dreaded 70 percent mark; \u00a0government’s end-of-year target.\u00a0<\/p>\n
\u00a0Concerns <\/b><\/p>\n
The recent International Monetary Fund (IMF) staff report raised issues about the country\u2019s rising debts\u00a0describing it as the biggest threat to efforts to quickly stabilize the economy.<\/p>\n
According the IMF, the country\u2019 debt stock has reached levels that could make it difficult to settle the country’s debt\u00a0on time.<\/p>\n
Ratings Agency Fitch in its recent report about Ghana also warned that it the rising debt levels could be one of the factors that could lead to a downgrade of Ghana\u2019s credit ratings which stands at B with a stable outlook.<\/p>\n
Responds<\/b><\/p>\n
Government\u00a0has maintained that it is working hard to reduce the public debt to appreciable levels before the close of this year, citing its debt profiling strategy and lengthening of the yield curve\u00a0taking long-term fun to finance short-term debts,\u00a0as some of the strategies.<\/p>\n
Economic Data\u00a0\u00a0\u00a0 <\/b><\/p>\n
The economic and financial data released by the Central Bank\u00a0also showed\u00a0credit to the private sector ending June declined in percentage terms. However, in nominal terms, the value has gone up by\u00a0more than \u00a23 billion to \u00a231.2 billion as compared to June 2016.<\/p>\n
Bank sector developments <\/b><\/p>\n
Developments in the banking sector revealed some mixed results as total assets of banks as at June stood at \u00a289.1 billion, representing a 32.9 percent growth.<\/p>\n
Total deposits of \u00a256 billion which\u00a0is from loans that banks fear may go bad has gone up marginally to 21 percent from\u00a0June 2016, while industry capital adequacy ratio also went down marginally to 14.3 percent.<\/p>\n
External Developments <\/b><\/p>\n
Earnings from total exports ending August reached almost $9 billion which represent a significant increase of about $2 billion compared to the $7 billion got in the same period for September\u00a02016.<\/p>\n
Gold \u201cled the pack\u201d with a return of \u00a23.7 billion\u00a0followed by cocoa which brought the country almost \u00a0\u00a22 billion, whiles crude oil export earnings stood at 1.6 billion<\/p>\n
On the import side, however, the country spent $7.7 billion dollars to finance imports for the first 8 months of this year in comparison to $8.8 billion ending June 2016.<\/p>\n
Non-oil imports took $6.8 billion, while oil took $903 million.<\/p>\n
This development would result in a Trade Balance of $1.1 billion dollars. The country\u2019s foreign assets\u00a0for the first eight months of this year stood at $7 billion, while Gross International Reserve was $5.1 billion. \u00a0 \u00a0<\/p>\n
\u00a0<\/p>\n<\/div>\n
\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\u0642\u0627\u0644\u0628 \u0648\u0631\u062f\u067e\u0631\u0633<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"The country\u2019s debt stock reached \u00a2139 billion as at the end of June this year, the latest economic and financial data released by the Bank of Ghana (BoG) has revealed. The data revealed after a meeting to review the health\u00a0of the economy showed that from May to June 2017,\u00a0the debt stock went by \u00a21.4 billion. […]<\/p>\n","protected":false},"author":0,"featured_media":415345,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-421539","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\n
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The data revealed after a meeting to review the health\u00a0of the economy showed that from May to June 2017,\u00a0the debt stock went by \u00a21.4 billion. 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