Debt stock hits GHC 761.2bn as of July 2024; every Ghanaian owing GHC22,076

Ghana’s debt stock has reached GH₵ 761.2 billion representing 75.7 percent of the country’s gross domestic product (GDP) by July 2024.

Compared to the same period last year, the debt stock was at GH₵587.7 billion representing 70.3 percent of GDP.

This was contained in the latest Summary of Economic and Financial Data of the Bank of Ghana released in September 2024.

The data showed that the external component of the debt hit US$31.6 billion from US$30 billion in the same period last year, representing 46.1 percent of GDP.

The domestic component of the debt was at GH₵290.9 billion representing 28.5 percent of the GDP.

Divided by the current population of the country, every Ghanaian is estimated to owe GH₵22,076 as at the end of July 2024.

Ghana is currently under an International Monetary Fund (IMF) programme seeking a US$3 billion bailout to help in economic recovery.

The country received a third tranche funding of US$360 million on Monday, July 1, 2024 following a successful review of Ghana’s performance by the Fund.

According to the IMF, Ghana’s performance under the programme has been generally strong.

Third review underway

The IMF has commenced a third review of the country’s performance under the programme to pave the way for the release of the next tranche of funding.

The Governor of the Bank of Ghana (BoG), Dr. Ernest Addison earlier advised state authorities to begin looking at criteria set out for the review.

He cautioned that any attempt to slow down in meeting benchmarks could derail the efforts and affect the third review which is crucial since it is closer to the end of the year.

Dr. Addison made the call during a joint press conference with the Ministry of Finance and the IMF on July 2, 2024