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Ghana’s public debt stock increased to 273.8 billion Ghc at the end of September 2020, the Bank of Ghana (BoG) announced.
According to the bank, budget execution through September 2020 was in line with revised mid-year budget estimates following the introduction of fiscal measures to combat the COVID-19 pandemic.
He said provisional data for the first three quarters of 2020 showed an overall budget deficit of 9.0 percent of GDP against the target of 8.9 percent of GDP.
The primary balance also posted a deficit of 4.1 percent of GDP, marginally above the target of 4.0 percent of GDP, the Bank said.
The Bank of Ghana made this known after its 97th Monetary Policy Committee (MPC) meeting.
He noted that “during the period under review, total income and donations amounted to GH ¢ 36.3 billion (9.4% of GDP) compared to the goal of GH ¢ 35.7 billion (9.3% of the GDP) ”.
The total expenses and settlement of arrears, according to the bank, amounted to GH ¢ 70.9 billion (18.4% of GDP), slightly above the goal of GH ¢ 70.0 billion (18.2% of GDP).
“The deficit was financed mainly with internal sources,” he said.
“These developments impacted the stock of public debt which was 71 percent of GDP (GH ¢ 273.8 billion) at the end of September 2020 compared to 62.4 percent of GDP (GH ¢ 218.2 billion) At the end of December 2019. stock, the internal debt was GH ¢ 135.3 billion (35.1% of GDP), of which the rescue of the financial sector represents 4.0 percent of GDP, while the external debt was GH ¢ 138.5 billion (35.9% of GDP) ”.
