Ghana's total public debt dropped by GH¢46.8 billion in October 2024, bringing it down to GH¢761.0 billion, according to the Bank of Ghana’s latest financial report.In dollar terms, the debt decreased by $4.2 billion to $27.9 billion by the end of October 2024.The report stated that the total debt now represents 74.6% of the country's Gross Domestic Product (GDP).

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The external debt fell significantly between September and October 2024, dropping by GH¢52.6 billion to GH¢453.7 billion, which is about $27.9 billion or 44.5% of GDP. However, since January 2024, the external debt has remained around the $30 billion mark.In contrast, domestic debt increased to GH¢307.3 billion, making up 30.1% of GDP. Back in February 2024, domestic debt was GH¢275.

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8 billion, but continued borrowing on the treasury market has driven it higher.The report also highlighted that the government's financial performance was on track, with the budget deficit at 3.9% of GDP as of July 2024. The primary balance, however, recorded a deficit of 1.8% of GDP in March 2024.As of October 2024, Ghana's economy was valued at GH¢1.020 trillion.

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