Ghana records GH¢46.8 billion drop in Public Debt

Ghana's public debt has experienced a slight decrease, standing at GH¢761 billion as of October 2024. This represents a GH¢46.8 billion drop from the previous month's total of GH¢807.8 billion.

The latest figures from the Bank of Ghana indicate that the country's debt-to-GDP ratio has narrowed to 74.6%. In dollar terms, the total debt stock has declined to US$46.8 billion, down from US$51 billion in September 2024.

A breakdown of the debt reveals that external debt accounts for GH₵453.7 billion (US$27.9 billion), while domestic debt stands at GH₵307.3 billion. The primary balance has recorded a deficit of 1.8% of GDP.

Ghana's economy has been valued at GH¢1.020 trillion as of October 2024. While the decline in public debt is modest, it reflects the government's efforts to manage the country's rising debt burden amidst significant economic pressures.

Source: Florence Kyei / Lead News Online