GHC236.1 billion representing Debt-to GDP-Ratio of 59.3% is the total debt hovering the neck of Ghanaians in the latest Summary of Economic and Financial data released by the Bank of Ghana after its Monetary Policy Committee met to review development in the Economy.
A total of 124.8 billion was external debt representing 52.86% whiles GHC111.3 billion was locally secured which represent 47.14% of the total value of the economy. About GHC1.8 billion has been spent on the financial sector clean up
The total debt stock has gone up by GHC38.1 billion
Base on the above analysis, every Ghanaian owns GHC7, 870.00 if GHC236.1 billion is shared among 30 million population.
The data showed that total earnings from exports stood at $3.9 billion ending March this year, compared to a little over $4 billion realized in the period for last year.
Summary of the financial report is tabulated below;
YEAR GOLD EARNINGS COCOA EARNINGS OIL EARNINGS NON OIL EARNING IMPORTS
2020 1ST QUARTER $1.4 BILLION $956MILLION $874.1MILLION $2.4 BILLION $2.9 BILLION
2019 1ST QUARTER $832MILLION %1.1BILLION 2.6 BILLION $3.3BILLION
The gross international reserve ending March this year is at $10.2 billion ending March 2020 which stood at 4.8 months of imports cover.
The good news is that non-performing loans reduced from 18.8% in 2019 to 14.5% in March 2020.
The question an ordinary Ghanaian ask are
a. What are the real effects of these figures on the ordinary Ghanaian.”?
b. How much of these figures have gone into what areas of the economy?