Ghana’s debt hits GH¢761bn, Amin Adam blames Cedi depreciation

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

According to him, to the minister, this is equivalent to US$51.1 billion.

The minister made these revelations during the monthly Economic Update at the Finance Ministry in Accra on Thursday.

This figure marks a nominal increase from the previous amount of GH¢587.7 billion, which was equivalent to US$53.5 billion.

 He explained that the increase in cedi terms and the decrease in US dollar terms are largely attributed to the depreciation of the cedi.

“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,” he noted.

He concluded by adding that “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.”

By Edem Mensah-Tsotorme