By July 2024, the amount of debt held by Ghana have increased to GH₵ 761.2 billion, or 75.7% of GDP.
At GH₵587.7 billion, or 70.3% of GDP, the debt stock was higher than it was at the same time last year.
This was included in the Bank of Ghana’s most recent Summary of Economic and Financial Data, which was published in September 2024.
According to the report, the debt’s external component increased to US$31.6 billion from US$30 billion during the same time last year, or 46.1 percent of GDP.
The amount of debt that came from domestic sources was GH₵290.9 billion, or 28.5 percent of GDP.
By the end of July 2024, each Ghanaian was owing GH₵22,076 divided by the country’s current population.
Ghana is presently seeking a US$3 billion bailout to aid in economic recovery through an International Monetary Fund (IMF) program.
On Monday, July 1, 2024, the nation got US$360 million in money for the third tranche after the Fund successfully reviewed Ghana’s performance.
Ghana has generally performed well under the program, according to the IMF.
To prepare for the distribution of the upcoming financial tranche, the IMF has started a third evaluation of the nation’s performance under the program.
Dr. Ernest Addison, the governor of the Bank of Ghana (BoG), had earlier counseled state authorities to start examining the review’s parameters.
Because the third assessment is so important because it is getting closer to the end of the year, he issued a warning that any attempt to slow down in reaching standards might undermine the efforts.
On July 2, 2024, Dr. Addison made the call at a news conference jointly hosted by the Ministry of Finance and the IMF.
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