Dr. Mohammed Amin Adam, the Minister of Finance, has announced that government’s debt has reached GH¢742.0 billion (US$50.9 billion) as of the end of June 2024.
The sum, according to the Minister, is equivalent to 70.6 per cent the country’s Gross Domestic Product (GDP).
The depreciation of the cedi, the Minister has noted, has contributed to a 22 per cent rise of the debt, as well as creditors’ disbursements.
“This indicates an increase of 22.0 per cent due to the effect of the cedi depreciation and the continuous disbursements from creditors,“ he indicated whilst speaking in Parliament during the presentation of the 2024 mid-year budget review Tuesday, July 23, 2024.
Dr. Amin Adam disclosed further that GH¢452.0 billion constituting 60.9 per cent out of the total debt was external, with the remaining GH¢290.0 billion being domestic debt, accounting for 39.1 per cent of the total.
“As a percentage of GDP, external and domestic debt represented 43.0 percent and 27.6 percent, respectively,” he said.
Source:onuaonline.com