Ghana’s central government debt has reached GHS761.1 billion (USD51.1 billion) by July 31, 2024, marking a substantial rise from the earlier level of GHS587.7 billion (USD53.5 billion).
This information was shared by Finance Minister Dr. Mohammed Amin Adam.
During the presentation of the latest monthly Economic Update at the Finance Ministry, Dr. Amin Adam emphasized that the increase in debt, when measured in cedis, is largely attributed to the cedi’s depreciation against the US dollar, among other contributing factors.
4o“As of July 31, 2024, Ghana’s provisional nominal central government debt stood at GHS761.1 billion, equivalent to USD51.1 billion. This represents a nominal increase from the previous amount of GHS587.7 billion, equivalent to USD53.5 billion,” he said.
Dr. Amin Adam further elaborated on how currency fluctuations have affected the debt profile, stating, “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.”