Accra, July 23, 2024 — Finance Minister Dr. Mohammed Amin Adam has disclosed that Ghana’s provisional total debt has reached GH¢742 billion (US$50.9 billion) as of June this year, representing 70.6 percent of the nation’s Gross Domestic Product (GDP).
Presenting the 2024 mid-year budget review in Parliament on Tuesday, Dr. Adam emphasized that the 22 percent debt increase was primarily driven by the sharp depreciation of the cedi and continuous disbursements from creditors.
Breaking down the debt composition, the Finance Minister noted that external debt stood at GH¢452 billion, while domestic debt amounted to GH¢290 billion, accounting for 60.9 percent and 39.1 percent of the total debt, respectively.
As a percentage of GDP, external debt made up 43 percent and domestic debt 27.6 percent.
Dr. Adam’s report highlights the severe economic challenges Ghana faces, exacerbated by the weakening cedi and relentless borrowing.
