Ghana’s national debt has surged to GH¢742 billion (US$50.9 billion), according to a recent update from Finance Minister Mohammed Amin Adam.
This new figure, representing 70.6 per cent of the country’s Gross Domestic Product (GDP), marks a significant increase from GH¢658 billion reported in February 2024.
The debt is split between GH¢452 billion in external debt and GH¢290 billion in domestic debt. The government attributes this rise to the depreciation of the Ghanaian cedi and ongoing disbursements from creditors.
With a population of approximately 30 million, Ghanaian citizens now carry a debt burden of about GH¢24,000.
The total debt escalated from GH¢611.2 billion at the end of 2023 to GH¢626 billion in January 2024 and GH¢658.6 billion in February 2024.
