Finance Minister Dr. Mohammed Amin Adam announced that Ghana’s debt stock reached GH¢742.0 billion (US$50.9 billion) by the end of June 2024. This debt level equates to 70.6 percent of the country’s Gross Domestic Product (GDP).
During the 2024 mid-year budget review in Parliament on July 23, Dr. Adam highlighted the factors contributing to this increase, stating, “this indicates an increase of 22.0 percent due to the effect of the cedi depreciation and the continuous disbursements from creditors.”
Breaking down the total debt, GH¢452.0 billion was identified as external debt, representing 60.9 percent of the total, while GH¢290.0 billion was domestic debt, accounting for 39.1 percent. Dr. Adam further explained, “As a percentage of GDP, external and domestic debt represented 43.0 percent and 27.6 percent, respectively.”
For more context on the importance of debt restructuring to Ghana’s economic recovery, refer to the related article where Dr. Amin Adam discusses this topic in detail.
