Incredible: Ghana’s Debt Rises To $25.6 Billion!

The Bank of Ghana (BoG) has revealed through released data that as at December 2015, Ghana’s total debt has risen to a frightening $25.6 billion!

According to the Bank of Ghana’s summary of macroeconomic and financial data released on March 18, 2016, as at December 2015, Ghana’s public debt was 25.6 billion dollars, an equivalent of 97.2 billion cedis.

According to the BoG’s statistics, Ghana’s debt rose from 96.9 billion cedis recorded in November 2015 to 97.2 billion cedis in December of the same year.

Read also – BoG Governor Gives His Word That The Cedi Will Not Be Devalued

In August, 2015 the total debt stood at 94.8 billion cedis; in September, it went down to 91.6 billion, but as at October, 2015 it hit 96.3 billion cedis!

The figures as at December 2015 gives the total debt stock to be at 97.2 billion cedis or 25.6 billion dollars which is equivalent to 72.9 percent of the country’s GDP.

Out of this figure, the external debt hit 57.8 billion cedis in December, 2015 which is 43.3 percent of the GDP.

In January 2016, domestic debt went up to 40.6 billion cedis making up 25.6 percent of GDP, it however dropped to 39.9 percent in February 2016 making up 25.2 percent of GDP.

Dispute Over Discrepancies in Debt Figures 

Figures from government on Ghana’s actual debt stock has been disputed by Dr. Mahamudu Bawumia, Vice-Presidential Candidate to Nana Akufo-Addo.

President Mahama had early this year placed the country’s debt stock at $24 billion, but Dr. Mahamudu Bawumia had rejected this figure, saying that it is $37 billion.

According to, Dr. Mahamudu Bawumia revealed this contradicting figures while addressing students of the Jasikan College of Education this month. His words:

In the last seven years alone under this NDC government, Ghana’s total debt has ballooned from GH¢9.5 billion to a projected GH¢99 billion by the end of 2015.

What is clear is that, 90% (i.e. GHC89.5 billion) of Ghana’s total debt since independence has been accumulated under this NDC government between 2009-2015 i.e. the last seven years,” he said.

Few months ago, President Mahama stated in Ho that 41% of Ghana’s external debt of $14 billion was accumulated by the NPP government between 2001 and 2008. This is clearly a falsehood,” he added.

The truth is that, as a result of the HIPC initiative and prudent borrowing, Ghana’s external debt stock actually declined from $6.1 billion in 2000 to $3.8 billion by 2008 (the first time in history).

It has since increased by $10.2 to $14 billion in 2015. So how is what the President said in Ho possible?

The facts therefore show that 72% of Ghana’s external debt stock and 90% of Ghana’s the total stock was accumulated during the last seven years,” he emphasized.

This issue has been a topic of great controversy for sometime now and Dr Bawumia who is never ready to spare the ruling NDC government has always criticized and disputed all ‘disputables’ said or done by the NDC.

Worse still, the two major opposing parties in the country, are seeking for the slightest opportunity to defame each order in preparation towards the upcoming November power tussle.

Have you heard that “Collins Dauda Said That Gov’t is Borrowing Because Ghanaians Do Not Pay Taxes”?

However, the fact remains that whichever of the figures, whether the one of President Mahama or that of Bawumia is correct, both are on the high side and need to be visited to forestall a looming economic crisis in the country.