According to an update on the state of the Ghanaian economy provided by Finance Minister Dr. Mohammed Amin Adam, the public debt of the nation as of July 31, 2024, was estimated to be ₵761.1 billion, or USD 51.1 billion.
He clarified that compared to the prior total of ₵587.7 billion, or USD 53.5 billion, this indicates a rise.
“The increase in cedi terms and the decrease in US dollars is attributed to a combination of factors, including cedi depreciation, disbursements from multilateral institutions, and domestic financing of the budget,” Dr. Adam told the media during the Ministry’s monthly briefing on the economy.
According to Dr. Adam, the Ministry will be announcing an exchange offer in the next few days, which is a crucial phase in the restructuring of the external debt.
He did point out, however, that the government is on track to meet its debt obligations under the terms of the IMF agreement.
The government is happy to formally announce its exchange offer in the coming days, “marking a critical step in our external debt restructuring journey,” he said, providing further information on the external debt restructuring program.
“Reflecting the terms agreed in principle with bondholders on June 24th, including important concessions from our bondholders, ensuring a fair burden sharing between our domestic, official, and commercial external creditors,” he added of the swap offer.
In order to achieve high participation rates, the exchange will be open for 21 days, and we fully expect the cooperation of our bondholder community in Ghana as well as elsewhere,” he stated.
