Ghana’s provisional nominal central government debt reached GH¢761.1 billion (US$51.1 billion) by July 31, 2024, according to Finance Minister Dr. Mohammed Amin Adam.
This represents a nominal increase from the previous debt of GH¢587.7 billion, which was equivalent to US$53.5 billion.
Dr. Adam shared these figures during the monthly Economic Update at the Finance Ministry in Accra on Thursday.
He explained that the rise in the debt figure in cedi terms and the decline in US dollar terms are largely due 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.