Mr Ken Ofori-Atta, Minister for Finance

Commercial debt largely from Eurobonds constituted the largest chunk of the country’s external debt as of the end of November 2021, data from the Bank of Ghana has revealed.

The commercial debt of $16.01 billion, represented 42% of total external loans of $27.89 billion, and an increase of GH¢3.38 billion over the previous year.

It was followed by multilateral and bilateral loans of $8.08 billion and $3.79 billion respectively.

Interestingly, both the multilateral and bilateral loans have been declining over the last couple of years. This might be due to Ghana’s position of being a lower middle income country.

Meanwhile, the external debt of the country increased by GH¢23.4 billion, from GH¢141.8 billion at the end of December 2020 to GH¢165.1 billion as of November 2021.

The external debt also constituted 47.9% of the nation’s total public debt in November 2021.

Domestic debt went up by GH¢28.09bn in 11 months of 2021

Also, the domestic debt went up by GH¢28.09 billion in the 11 months of 2021 to GH¢179.40 billion in November 2021.

The banking system held GH¢89.64 of the domestic debt in November 2021, GH¢12.72 billion more than what was recorded in December 2020.

The non-banking system constituted GH¢60.05 billion of the domestic debt in November 2021, GH¢12.72 billion more than December 2021.

Non-resident investors however held GH¢29.69 billion of the domestic in November 2021, compared to GH¢27.71 billion in December 2021.

The statistics regarding the domestic debt shows that government borrowed significantly on the domestic market in 2021.

Ghana’s public debt however stood at GH¢344.6 billion in November 2021.