Ghana’s external debt skyrockets to US$31.6 billion

Ghana’s external debt reached US$31.6 billion, up from US$30 billion in July 2023.

This represents 46.1% of GDP.

The domestic debt rose to GH₵290.9 billion, accounting for 28.5% of GDP.

In total, Ghana’s public debt stock has surged to GH₵761.2 billion, accounting for 75.7% of the country’s gross domestic product (GDP) by July 2024, according to the latest figures from the Bank of Ghana.

The data, released in September 2024, shows a significant rise from the same period last year when the debt stood at GH₵587.7 billion, representing 70.3% of GDP.

This increase in debt comes amid ongoing economic challenges, with rising inflation and currency depreciation placing additional pressure on public finances.