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Ghana’s total debt has surged to GH¢742 billion (US$50.9 billion), as announced by Finance Minister Mohammed Amin Adam.
This figure, which represents 70.6 percent of the country’s Gross Domestic Product (GDP), has risen from the GH¢658 billion recorded in February 2024.
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The debt stock consists of GH¢452 billion in external debt and GH¢290 billion in domestic debt. The government attributes this increase to the depreciation of the cedi and continuous disbursements from creditors.
With Ghana’s population at approximately 30 million, each citizen theoretically owes about GH¢24,000.
The country’s debt was GH¢611.2 billion at the end of 2023 and rose to GH¢626 billion in January 2024 before reaching GH¢658.6 billion in February 2024.
