The latest Summary of Economic and Financial Data by the Bank of Ghana has revealed that Ghana’s total public debt stock went up by ¢3.5 billion in just two months.
As per reports from the BoG, the total public debt stock for Ghana is ¢335.9 billion ($57.9 billion) at the end of July 2021.
A report sighted on multimedia group platform myjoyonline suggested that this is equivalent to 76.4% of Gross Domestic Product.
The rate of increase, according to financial analysts, has slowed down compared to the ¢27.8 billion fresh funds added in April and May 2021.
The government had indicated in the Issuance Calendar in July 2021 that its borrowing will slow down in the third quarter of this year [July 2021 to September 2021] as it’s expected to borrow less than a billion cedi for the entire three months. Many will thus be waiting whether it will reflect in the August and September 2021 figures when released later on.
A simple division by mathematicians revealed that every Ghanaian owes Ghc10,877 if Ghana’s debt of Ghc335 billion is shared among the citizens according to the new population of 30.8 million.
Now our question is if the government asks every Ghanaian to help pay the debt, can you afford GHc10,877?