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Macro-economic Context

Macro-economic Context Highlights of the 2021 Mid-Year Budget Review

Public Debt Dynamics

Key purchase drivers

- The provisional nominal debt stock as at end-June 2021 stood at GHȼ334,560.4 million (US$58,041.1 million), representing 77.1 percent of GDP. This was up from GHȼ291.6 billion (US$50.8 billion) at the end of December 2020. Excluding the Financial Sector Bailout, the nominal debt stock as percentage of GDP falls to 72.9 percent. - The increase in the debt stock was mainly because of the Eurobond issuance in April 2021, COVID-19 pandemic effect, contingent liabilities, and front loading of financing to meet cash flow requirements for the first half of the year. - External and domestic debt represented 48.4% and 51.6% of total debt, respectively.

Highlights of the 2021 Mid-Year Budget Review

  • Although the agricultural sector maintained its mark as the sector with the highest growth rate, its growth rate fell to 4.2% from 10.2% in Q2-2020.
  • The Crops and Livestock sub-sectors specifically drove growth in the agricultural sector.
  • The Services sector recorded the second highest growth rate of 4.0%. The growth was mainly driven by the Information and Communication sub-sector.
  • The industry sector recorded a growth rate of 1.3%, the least growth rate amongst all three sectors. It slightly declined from 1.4% from the same period last year. Its growth was spearheaded by the Construction and Manufacturing sub-sectors. 
 Mid-Year Budget Review
 Mid-Year Budget Review

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