Wed. Dec 6th, 2023

Every Ghanaian owes over ¢15k with the current debt load

Every Ghanaian owes over ¢15k with the current debt load

According to calculations using the 2022 budget, each Ghanaian owes about GH15,175.32.

With a population of 30.8 million people in Ghana, the current public debt, as mentioned in the budget, is GH467.37 billion (US$48.87 billion), or GH15,175.32 per person.

According to the budget, the domestic debt component is GH195.65 billion, or 31.79 percent of GDP, while the external debt stock was GH271.71 billion, or 58.1 percent of GDP.

Public Debt Per Person 2022

Public Debt Per Person 2022

Since 2012, when it was US$ 18.82 billion (GH35.38 billion), the public debt has grown by around 159.67%, reaching US$ 48.87 billion (GH467.37 billion) in 2022.

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With rising inflation and the cedi’s depreciation, 2022 has been going downhill.

The loss from the cedi’s depreciation contributed GH93.86 billion to the stock of external debt. The public debt has also significantly increased month over month.

The public debt per person for the year 2022 is shown in the diagram. The monthly increase is related to the monthly growth in the national debt.

Between January 2022 and October 2022, the public debt per person increased by an average of 32.89%.

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