According to the Minister of Finance, Mohammed Amin Adam, Ghana’s total public debt has reached GH¢742 billion (approximately US$50.9 billion).
This is up from GH¢658 billion in February 2024, and according to a report by citinewsroom.com, the debt now represents 70.6% of the country’s gross domestic product (GDP).
According to the report, the debt is made up of GH¢452 billion in external debt and GH¢290 billion in domestic debt. This increase in debt can be attributed to the devaluation of the Ghanaian cedi and continued payments from international creditors.
The increase from GH¢611.2 billion at the end of 2023 to GH¢626 billion in January 2024 and then to GH¢658.6 billion in February 2024 reflects a worrying trend.
Provisional central government statistics show that the national debt in real terms is about GH¢24,000 per 30 million Ghanaians.
