Finance Minister Dr Mohammed Amin Adam has reported that by July 31, 2024, Ghana’s provisional nominal central government debt had reached GH¢761.1 billion, or approximately US$51.1 billion.
During the monthly Economic Update at the Finance Ministry in Accra on Thursday, Dr Adam explained that the rise in debt in cedi terms and the drop in U.S. dollar terms stemmed mainly from the depreciation of the cedi.
He highlighted that, “As of July 31, 2024, Ghana’s provisional nominal central government debt reached GH¢761.1 billion, equivalent to US$51.1 billion, reflecting a nominal increase from the previous figure of GH¢587.7 billion, equivalent to US$53.5 billion.”
Dr Adam also clarified that this shift resulted from several factors, including the cedi’s depreciation, disbursements from multilateral institutions, and domestic budget financing.
Source:Citinewsroom
