The Finance Minister, Dr Mohammed Amin Adam, announced that the central government’s provisional total debt reached GHc742 billion (US$50.9 billion) as of June this year.
While presenting the 2024 mid-year budget review in parliament in Accra on Tuesday, Dr. Adam highlighted that this amount represents 70.6 percent of the Gross Domestic Product (GDP).
He noted that the figure reflects a 22.0 percent increase, primarily due to the depreciation of the cedi and continued disbursements from creditors.
Dr Adam explained that the debt includes GHc 452.0 billion in external debt and GHc 290.0 billion in domestic debt, accounting for 60.9 percent and 39.1 percent of the total debt stock, respectively.
As a percentage of GDP, external debt and domestic debt account for 43.0 percent and 27.6 percent, respectively.
