Recent data from the Bank of Ghana revealed that the country's public debt stock increased by GH¢46.4 billion in the first two months of 2024, reaching GH¢658.6 billion ($53.1 billion).

In terms of Gross Domestic Product (GDP), Ghana's total public debt now stands at 62.7 percent.

The BoG's Summary of Economic and Financial Data for May 2024 indicated that the country's debt was GH¢611.2 billion at the end of 2023, rose to GH¢626.0 billion in January 2024, and further increased to GH¢658.6 billion in February 2024.

This rise in public debt is attributed to the persistent depreciation of the cedi, coupled with increased government borrowing in the domestic treasury bills market.

On the domestic debt front, the data showed an increase of GH¢18.5 billion in the first two months of 2024, representing approximately 36.1 percent of GDP.

As of February 2024, domestic debt stood at GH¢278.7 billion, also representing 36.1 percent of GDP.

Regarding external debt, it rose by GH¢28.9 billion due to the cedi's depreciation against major trading currencies during this period.

Additionally, the external component of the total public debt stock was $30.6 billion (GH¢350.3 billion) in February 2024, equivalent to 36.1 percent of GDP.

The Central Bank's Summary of Economic and Financial Data for May 2024 also showed that government fiscal operations were on track, with a deficit-to-GDP ratio of 2.6 percent in the first quarter of 2024, compared to 1.8 percent during the same period in 2023.

Meanwhile, the primary balance showed a deficit of 1.4 percent of GDP in March 2024.