Ghana’s current public debt stock of GHȼ334 billion means each citizen owes GHȼ11,133.
That is, if the provisional public debt stock was evenly distributed among the 30 million Ghanaians at the end of June this year.
Inference drawn from data provided by the Bank of Ghana suggests that the increase in debt means each Ghanaian now owes GHȼ11,133. This is GHC1,433 more than what was owed by close of December, 2020. That is, from GHȼ9,700 in 2020 to GHȼ11,133 as at June ending 2021.
Further analysis suggests that between March and June ending 2021, the country’s debt stock meant the ordinary Ghanaian had an additional individual debt burden of GHȼ1,000.
From over GHȼ290 billion as at the end of December 2020, to more than GHȼ330 billion by June ending 2021, the country’s public debt stock has increased by a little over 14.7% within a period of six months.
The International Monetary Fund (IMF) in its latest assessment of Ghana’s economy (2021 Article IV Consultation with Ghana) hinted the country is nearing a debt distress status.
According to the fund, “the uncertainty about the cause of the pandemic and high debt vulnerabilities mean that financing needs could increase and additional official support could be needed, including from the IMF.”
Meanwhile, the fund has indicated that “the expected domestic market capacity to absorb new government debt may not fully materialise” due to the country’s slow progress towards fiscal adjustment.
Below is how much each Ghanaian owes per the country’s public debt stock from 2015 to June ending 2021:
2015 – GHȼ3,333,
2016 – GHȼ4,066
2017 – GHȼ4,733
2018 – GHȼ5,766
2019 – GHȼ7,266
2020 – GHȼ9,700
2021 – GHȼ11,133 (June ending)