Ghana's debt balloons to GH¢761.1 billion

Ghana's central government debt has risen to GH¢761.1 billion (US$51.1 billion) as of July 31, 2024, reflecting a significant increase from the previous figure of GH¢587.7 billion (US$53.5 billion).

This is according to Finance Minister Dr. Mohammed Amin Adam.

Delivering the latest monthly Economic Update at the Finance Ministry, Dr. Amin Adam highlighted that the rise in debt in cedi terms is primarily due to the depreciation of the cedi against the US dollar, alongside other contributing factors.

“As of July 31, 2024, Ghana’s provisional nominal central government debt stood at GH¢761.1 billion, equivalent to GH¢51.1 billion. This represents a nominal increase from the previous amount of GH¢587.7 billion, equivalent to US$53.5 billion,” he said.

Dr. Amin Adam further explained the impact of the currency's fluctuations on the debt profile, noting, “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.”