Ghana’s Debt Rises to GH¢761.1 Billion
As of July 31, 2024, Ghana’s provisional nominal central government debt reached GH¢761.1 billion, equivalent to US$51.1 billion, according to Finance Minister Dr. Mohammed Amin Adam.
As of July 31, 2024, Ghana’s provisional nominal central government debt reached GH¢761.1 billion, equivalent to US$51.1 billion, according to Finance Minister Dr. Mohammed Amin Adam.
This represents a significant increase from the previous figure of GH¢587.7 billion (US$53.5 billion), highlighting a complex interplay of economic factors affecting the country's debt profile.
Dr. Adam disclosed these figures during the monthly Economic Update held at the Finance Ministry in Accra. He attributed the rise in the cedi-denominated debt and the concurrent decrease in dollar terms to the depreciation of the cedi, among other factors.
The increase in cedi terms and decrease in US dollar terms is attributed to a combination of factors, including cedi depreciation, disbursements from multilateral institutions, and domestic financing of the budget, Dr. Adam explained.
This development underscores the ongoing challenges in managing Ghana's public debt, with fluctuations in currency value playing a pivotal role in the nation's economic outlook.
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I’m Isaac Mintah, a Ghanaian entrepreneur and digital innovator passionate about building technology-driven solutions that create real impact. I’m committed to empowering communities, supporting local businesses, and inspiring the next generation of African entrepreneurs through digital platforms. I share content focused on tech, entrepreneurship, and practical ways to grow in the digital economy.
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