Debt Now 70.6% of GDP Amid Currency Depreciation and Creditor Disbursements
Ghana’s Finance Minister, Dr Mohammed Amin Adam, announced that the central government’s provisional total debt has risen to GHS 742 billion (US$50.9 billion) as of June, a significant increase from GHS 658.6 billion.
Delivering the 2024 mid-year budget review in Parliament on Tuesday, Dr Adam stated, “This indicates an increase of 22.0 per cent due to the effect of the cedi depreciation and continuous disbursements from creditors.”
He elaborated that the debt stock comprises GHS 452.0 billion in external debt and GHS 290.0 billion in domestic debt, representing 60.9 percent and 39.1 percent of the total debt stock, respectively. External debt accounted for 43.0 percent of GDP, while domestic debt stood at 27.6 percent.
This rise in public debt underscores Ghana’s economic challenges, particularly with the ongoing depreciation of the cedi and the reliance on external financing.
