Dr Ernest Addison, BoG Governor
GHANA’S TOTAL debt by July this year stood at GH¢159.4 billion, representing 65.9 percent of gross domestic product (GDP), new data released by the central bank has noted.
Of the afore-stated amount, the external component was GH¢85.5 billion representing 35.4 percent of GDP while the domestic component recorded GH¢73.8 billion representing 30.6 percent of GDP.
The Monetary Policy Committee of the Bank of Ghana met last week and is expected to crown its meeting with a press conference this morning to make bare its decision on the way forward over the next quarter.
Thus, between May and July this year, the country’s total debt stock increased by GH¢5.1 billion from GH¢154.3 billion to GH¢159.4 billion.
Compared to the same period last year, the debt to GDP ratio dropped from 67.4 percent (GH¢137.5 billion) to 65.9 percent.
Banking sector
Total assets of the banking sector stood at GH¢ 106.6 billion as at August this year representing an annual growth of 21.5 percent while total deposits recorded GH¢67.7 billion representing an annual growth of 26.2 percent. Total advances also registered GH¢40.0 billion representing a growth of 11.8 percent while the capital adequacy ratio (CAR) of the industry stood at 19.1 percent.
The banking industry’s non-performing loans (NPLs) recorded GH¢21.3 billion. Compared to the same period last year, the NPL was at 21.9 percent, a drop on year to year basis.
External sector
Total exports comprising gold, cocoa and oil altogether fetched $10,097.8 million while total imports (oil and non-oil imports) realised $8,690.8 million.
The country’s trade balance totaled $1,407.0 million representing 2.7 percent of GDP.
On the overall balance of payments, the report revealed that it stood at negative $371.6 million making -0.7 percent of GDP.
Gross international reserves recorded $6,693.1 million as at August this year. This provided an import cover of 3.5 months.
BY Samuel Boadi