Finance

Ghana’s public debt reduces to GH¢434.6 billion, 71% of GDP

Ghana’s public debt stood at GH¢434.6 billion as of December 2022 according to the Bank of Ghana’s Summary of Economic and Financial Data for April 2023.

This is a reduction of GH¢141.1 billion in the country’s public debt.

This represents 71.6% of the country’s Gross Domestic Product. This is a reduction of 23.1% away from the 93.5% recorded in November 2022.

In November 2022, the country’s public debt stood at GH¢575.7 billion representing 93.5% of GDP.

According to the Bank of Ghana, a chunk of Ghana’s debt is held in the external debt portfolio to the tune of GH¢240.2 billion representing 39.4%, and GH¢194.4 in domestic debt representing 31.9%.

The data also noted that gross international reserves stood at $5.21 billion indicating 2.4 weeks of import cover.

However, the BoG Governor, Dr. Ernest Addison has revealed that the reception of the first tranche of the IMF loan pushes Ghana’s import cover to 2.6 weeks.

Source: www.ghanaweb.com

Ogyem Solomon

Solomon Ogyem – Media Entrepreneur | Journalist | Brand Ambassador Solomon Ogyem is a dynamic Ghanaian journalist and media entrepreneur currently based in South Africa. With a solid foundation in journalism, Solomon is a graduate of the OTEC School of Journalism and Communication Studies in Ghana and Oxbridge Academy in South Africa. He began his career as a reporter at OTEC 102.9 MHz in Kumasi, where he honed his skills in news reporting, community storytelling, and radio broadcasting. His passion for storytelling and dedication to the media industry led him to establish Press MltiMedia Company in South Africa—a growing platform committed to authentic African narratives and multimedia journalism. Solomon is the founder and owner of Thepressradio.com, a news portal focused on delivering credible, timely, and engaging stories across Ghana and Africa. He also owns Press Global Tickets, a service-driven venture in the travel and logistics space, providing reliable ticketing services. In addition to his media ventures, Solomon serves as a Brand Ambassador for Alabuga, a prominent Russian industrial company, representing their interests and expansion across Africa. He previously owned two notable websites—Ghanaweb.mobi and ShowbizAfrica.net—both of which contributed to entertainment and socio-political discussions within Ghana’s digital space. With a diverse background in media, digital journalism, and business, Solomon Ogyem is dedicated to telling impactful African stories, empowering youth through media, and building cross-continental media partnerships.

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