As of July 2024, Ghana’s debt stock has soared to GH₵761.2 billion, accounting for 75.7 percent of the nation's gross domestic product (GDP).

In comparison, the debt stock at the same time last year was GH₵587.7 billion, which represented 70.3 percent of GDP.

This information was revealed in the latest Summary of Economic and Financial Data published by the Bank of Ghana in September 2024.

The report indicated that the external portion of the debt increased to US$31.6 billion, up from US$30 billion during the same period last year, making up 46.1 percent of GDP.

Meanwhile, the domestic debt stood at GH₵290.9 billion, which is 28.5 percent of GDP.

When divided by the current population, each Ghanaian is estimated to owe approximately GH₵22,076 as of the end of July 2024.

Ghana under IMF support

Ghana is presently engaged in an International Monetary Fund (IMF) program, aiming for a US$3 billion bailout to support its economic recovery efforts.

Following a positive assessment of the country's progress, Ghana received a third tranche of US$360 million on Monday, July 1, 2024.

The IMF has noted that Ghana’s overall performance under the program has been largely strong.

Third review underway

The International Monetary Fund (IMF) has begun its third review of Ghana's progress under the program, which is necessary for the release of the next tranche of funding.

Dr. Ernest Addison, Governor of the Bank of Ghana, earlier urged government officials to focus on meeting the criteria outlined for the review.

He warned that any delays in achieving the set benchmarks could undermine progress and negatively impact the third review, which is particularly important as the year draws to a close.

Dr. Addison issued this reminder during a joint press conference with the Ministry of Finance and the IMF on July 2, 2024.