Ghana’s total public debt declined by GH¢46.8 billion, representing a 5.79% month-on-month reduction, to GH¢761.0 billion in October 2024, according to the Bank of Ghana's Summary of Financial and Economic Data.In dollar terms, the debt fell by $4.2 billion to $27.9 billion at the end of October 2024, equivalent to 74.6% of Gross Domestic Product (GDP).The external component of the debt experienced a notable decrease, dropping by GH¢52.

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6 billion between September and October 2024 to reach GH¢453.7 billion, approximately $27.9 billion. This accounts for 44.5% of GDP. The external debt has hovered around the $30 billion mark since January 2024.However, domestic debt rose to GH¢307.3 billion, representing 30.1% of GDP. Persistent borrowing on the treasury market contributed to this increase, as the domestic debt stood at GH¢275.8 billion in February 2024.

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The report also highlighted that the government’s fiscal operations remained on target, with the deficit-to-GDP ratio at 3.9% as of July 2024. The primary balance recorded a deficit of 1.8% of GDP in March 2024.Meanwhile, Ghana’s economy was valued at GH¢1.020 trillion at the end of October 2024, reflecting ongoing economic activities amidst fiscal adjustments.

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