Ghana’s public debt has surged to GH¢761.2 billion ($51.1 billion), accounting for 75.7% of the country’s GDP, according to the latest Bank of Ghana (BoG) report.
This sharp rise in debt underscores mounting fiscal pressures as the country grapples with economic challenges and navigates a complex process of external debt restructuring.
That is , external debt now represents 47.1% of GDP (GH¢470.3 billion or $31.6 billion), up from 36% earlier this year, reflecting ongoing efforts to stabilise the balance of payments. However, this remains below the 39.2% recorded in the same period last year.
With a nominal GDP of GH¢1.02 trillion, concerns are growing over Ghana’s ability to manage its debt without deepening its economic challenges. The rising debt will likely draw increased scrutiny of government fiscal policies as investors and international financial institutions closely monitor Ghana’s pursuit of debt relief from external creditors.
These figures highlight the urgent need for structural reforms to restore macroeconomic stability and mitigate the risk of further debt distress, particularly given the country’s external vulnerabilities.
This marks a sharp increase from GH¢633.3 billion earlier this year and GH¢587 billion in 2023.
Source:Citinewsroom
