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Ghana’s public debt soars to GH₵658.6b

Ghana’s public debt surged by GH₵47.4 billion in the first two months of 2024, reaching a total of GH₵658.6 billion, which represents 62.7% of the Gross Domestic Product (GDP) as of February 2024.

Governor of the Bank of Ghana, Dr. Addison

The external debt component stands at GH₵380 billion, equivalent to 36.1% of the GDP.

The Bank of Ghana revealed these figures in its May 2024 Summary of Economic and Financial Data. The data shows that Ghana’s debt was GH₵611.2 billion at the end of 2023, rising to GH₵626 billion in January 2024, and further to GH₵658.6 billion in February 2024.

The increase is partly attributed to the depreciation of the cedi against major trading currencies. Amidst the economic challenges exacerbated by the COVID-19 pandemic, Ghana secured a $3 billion bailout from the International Monetary Fund (IMF) to stabilize the economy. The IMF has projected a steady decline in Ghana’s debt-to-GDP ratio over the next six years.

According to its April 2024 Fiscal Monitor, the debt-to-GDP ratio is expected to decrease to 69.7% by 2029. The projected ratios are 83.6% in 2024, 80.9% in 2025, 77.9% in 2026, 74.9% in 2027, and 72.0% in 2028.

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The IMF has previously acknowledged improvements in Ghana’s fiscal economy, highlighting the country's efforts to stabilize its financial situation.

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