Information reaching YEN.com.gh indicates that a New Data released by the Bank of Ghana reveals that the country’s total debt stock has hit 205.5 billion cedis. This amount was realized by July 2019, which also represented 59.4 percent of Gross Domestic Product (GDP). The data shows that between May and July 2019 Ghana’s debt stock increased by 5.5 billion cedis. By May 2019, the debt stock was at 200 billion cedis.
Comparing the debt stock to the same period in 2018, the figure was at 159.7 billion cedis which represented 53.5 percent of the GDP at the time. A breakdown of the debt stock shows that the external component was at 20.4 billion dollars representing 31 percent of GDP. The domestic side is made up of 98 billion cedis representing 28.4 percent of GDP.
In other news, The Minister of Finance, Kenneth Ofori-Atta, has signed a $23.8 million loan agreement with the Kuwait Fund for Arab Economic Development for the rehabilitation of the Dome-Kitase road. The project, when completed would connect the Accra-Kumasi road (N6) to the Accra-Aburi-Koforidua highway (N4). The project would also provide an alternative route to road users thereby reducing traffic congestion on the two national roads. Speaking at the event, Ofori-Atta said the agreement was a milestone in strengthening bilateral relations between Ghana and Kuwait.