Ghana now owes GH¢761bn; Finance Minister blames rise in debt stock on cedi depreciation

Finance Minister, Dr. Mohammed Amin Adam, has disclosed that as of July 31, 2024, Ghana’s provisional nominal central government debt stood at GH¢761.1 billion, equivalent to US$51.1 billion.

The new debt figure depicts a nominal increase from the previous GH¢587.7 billion which was equivalent to US$53.5 billion.

He made the disclosure during the monthly Economic Update at the Finance Ministry in Accra Thursday, August 29, 2024.

According to the Minister, the increase in the value of the debt is due to the depreciation of the cedi to the dollar.

“As of July 31, 2024, Ghana’s provisional nominal central government debt stood at GH¢761.1 billion, equivalent to US$51.1 billion. This represents a nominal increase from the previous amount of GH¢587.7 billion, equivalent to US$53.5 billion.”

“The increase in cedi terms and decrease in US dollar terms is attributed to a combination of factors, including cedi depreciation, disbursements from multilateral institutions, and domestic financing of the budget,” he stated.

Source:onuaonline.com