Ghana’s debt stock has surged to GH₵ 761.2 billion by July 2024, representing 75.7 percent of the country’s GDP, according to the latest data from the Bank of Ghana.
This marks a significant increase from GH₵ 587.7 billion, or 70.3 percent of GDP, recorded during the same period in 2023.
The external debt component rose to US$31.6 billion, while the domestic debt stood at GH₵290.9 billion. Based on current population estimates, each Ghanaian is now burdened with a debt of GH₵22,076.
Ghana is currently under an International Monetary Fund (IMF) program and has received US$360 million in July 2024 as part of a US$3 billion bailout.
The IMF has commenced a third review of the country’s performance under the program, which is crucial for future disbursements.
Source: www.kumasimail.com
