Finance Minister Dr. Mohammed Amin Adam has announced that, as of the end of June 2024, the provisional total central government debt stood at GH¢742.0 billion (US$50.9 billion), which equates to 70.6 percent of GDP.

This represents a 22.0 percent increase, driven by the depreciation of the Cedi and continued disbursements from creditors.

“The stock consists of external debt of GH¢452.0 billion and domestic debt of GH¢290.0 billion, representing 60.9 percent and 39.1 percent of the total debt stock, respectively. As a percentage of GDP, external and domestic debt represented 43.0 percent and 27.6 percent, respectively,” he added.

The Bank of Ghana's May 2024 Summary of Economic and Financial Data reports a notable rise in the country’s public debt, which surged by GH¢47.4 billion in the first two months of 2024, reaching GH¢658.6 billion.

This amount represents 62.7% of the Gross Domestic Product (GDP) as of February 2024. The external debt totals GH¢380 billion, or 36.1% of GDP.