Ghana’s debt rises to GH¢761bn

As of July 31, 2024, Ghana’s provisional nominal central government debt stood at GH¢761.1 billion, equivalent to US$51.1 billion, according to Finance Minister Dr. Mohammed Amin Adam.

This figure marks a nominal increase from the previous amount of GH¢587.7 billion, which was equivalent to US$53.5 billion.

Dr. Adam shared these details during the monthly Economic Update at the Finance Ministry in Accra on Thursday. He explained that the increase in cedi terms and the decrease in US dollar terms are largely attributed to the depreciation of the cedi.

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

“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,” he stated.