The country\u2019s total debt stock has reached alarming levels as the Bank of Ghana put the country\u2019s debt stock as at the end of July at GHC 205 billion Cedis.<\/p>\n
This was contained in the September Bank of\u00a0Ghana’s\u00a0summary of financial and economic data.<\/p>\n
This was released after the Monetary Policy Committee met this week to review the health of the economy and to take a decision that is likely to influence the cost of credit in the country.<\/p>\n
This new bulging debt stock represents about 60% value of the country\u2019s economy.<\/p>\n
Based on the report, the country\u2019s debt stock went up by a little of over GHC 5billion Cedis in two months that is from May to July this year.<\/p>\n
Whiles in July 2018 to July 2019 the total debt stock went up by a little of over GHC 45billion Cedis.<\/p>\n
A careful look at the data shows that GH107 billion Cedis of the debt was borrowed from outside the country while domestic debt stock accounted for about GH C98 billion Cedis.<\/p>\n
The cost of the recent financial sector clean up accounted for about GHC 10 billion Cedis of the debt.<\/p>\n
If the total debt stock is divided among the country population of about 30milllion people it will mean every Ghanaian owes GH 6,850 Cedis.<\/p>\n
The Bank of Ghana puts the country\u2019s earnings from traditional exports as at the end of August this year at $ 10.6 billion representing a marginal increase in what we got at the same time last year.<\/p>\n
While we spend $8billion to finance our imports with the amount of money the Bank of Ghana has in its accounts to finance our imports for a little over 4 weeks ending August was $8.2 billion.<\/p>\n
Developments in the banking sector was mixed based on the data this is because while the actual amount for various areas had gone up the actual growth had slowed compared to what happened last year.<\/p>\n
The Central bank puts the Cedis’ rate of depreciation for the first eight months of the year at around 9.22%<\/p>\n","protected":false},"excerpt":{"rendered":"
The country\u2019s total debt stock has reached alarming levels as the Bank of Ghana put the country\u2019s debt stock as at the end of July at GHC 205 billion Cedis. This was contained in the September Bank of\u00a0Ghana’s\u00a0summary of financial and economic data. This was released after the Monetary Policy Committee met this week to […]<\/p>\n","protected":false},"author":66,"featured_media":3473,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,3,5,7,8],"tags":[2301,135,2300],"class_list":["post-3472","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-community","category-economy","category-head-lines","category-homepage-english","tag-850-cedis","tag-bank-of-ghana","tag-every-ghanaian-owes-gh-6"],"yoast_head":"\n