Ghana’s debt balloons to GHS761.1 billion

Ghana's central government debt has risen to GHS761.1 billion (US$51.1 billion) as of July 31, 2024, reflecting a significant increase from the previous figure of GHS587.7 billion (US$53.5 billion).This is according to Finance Minister Dr. Mohammed Amin Adam.Delivering the latest monthly Economic Update at the Finance Ministry, Dr. Amin Adam highlighted that the rise in debt in cedi terms is primarily due to the depreciation of the cedi against the US dollar, alongside other contributing factors.'As of July 31, 2024, Ghana's provisional nominal central government debt stood at GHS761.1 billion, equivalent to GHS51.1 billion. This represents a nominal increase from the previous amount of GHS587.7 billion, equivalent to US$53.5 billion,' he said.Dr. Amin Adam further explained the impact of the currency's fluctuations on the debt profile, noting, 'The increase in cedi terms and decrease in US dollar terms is attributed to a combination of factors, including cedi depreciation, disbursements from multila teral institutions, and domestic financing of the budget.'Source: Ghana Web