Finance Minister Dr. Mohammed Amin Adam has announced that Ghana’s central government debt reached a provisional total of GH¢742 billion (US$50.9 billion) as of June this year.
This amount represents 70.6 per cent of the Gross Domestic Product (GDP).
Presenting the 2024 mid-year budget review in Parliament in Accra on Tuesday, Dr. Adam highlighted the factors contributing to this increase.
“This indicates an increase of 22.0 per cent due to the effect of the cedi depreciation and continuous disbursements from creditors,” he explained.
Breaking down the debt, Dr. Adam noted that the stock consists of GH¢452.0 billion in external debt and GH¢290.0 billion in domestic debt. These amounts account for 60.9 per cent and 39.1 per cent of the total debt stock, respectively.
In terms of GDP, external debt represents 43.0 per cent, while domestic debt stands at 27.6 per cent.
