Ghana's public debt climbs to 71 percent of GDP

Ghana’s total public debt rose to 94.5 billion cedis ($23.7 billion) by end-June, equivalent to 71 percent of gross domestic product (GDP), up sharply from 67 percent the previous month due to currency depreciation, the central bank said on Friday.

Ghana signed a three-year aid deal with the International Monetary Fund in April in a bid to stem a slide in the cedi currency, curb inflation, and tackle its growing debt. External borrowing amounted to 58.6 billion cedis, representing 44 percent of GDP at the end of June, the bank said in a data on its website. In addition to low commodities prices, expectations of a rate rise by the US Federal Reserve have kept the dollar strong and added to pressure on emerging currencies like Ghana’s cedi.