As of the first quarter of 2022, Ghana's public debt has reached GH391 billion.

Ghana's public debt stock increased by 40.1 billion to 391.9 billion by the end of March 2022, according to the Bank of Ghana's Summary of Economic and Financial Data. 

The increase in debt is mostly attributable to exchange rate fluctuations and, to a lesser extent, local market borrowings. The cedi began a fast decline against the dollar in the first quarter of 2022, although depreciation was halted in April 2022 as a result of monetary measures taken by the Bank of Ghana. 

The debt, however, was estimated to be 78 percent of the country's Gross Domestic Product. This is a minor decrease from the 80% observed in December 2021. 

The debt increased by $20.5 billion in January 2022 and then by $19.7 billion in February 2022, according to the data. 

Domestic debt increased by $8 billion in the first quarter of 2022, reaching 189.9 billion in March 2021. This is the equivalent to 37.8% of GDP. 

In March 2022, the foreign component of the total public debt increased to $28.4 billion (US$201.9 billion), up from $28.1 billion in December 2021. The numbers plainly show that there were no foreign borrowings in the first quarter of this year. 

However, the external debt-to-GDP ratio is roughly 40.2 percent of GDP. 

The cedi component increased by 31.9 billion in the first three months of 2022, owing to the depreciation of the cedi against the dollar. 

The financial industry resolution bond, on the other hand, fell to $14.6 billion in March 2022 from $14.9 billion in December 2021. This corresponds to 2.9 percent of GDP.


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