As of December 2023, Ghana’s public debt surged to GH₵610 billion, marking a notable 26.85 percent increase from the GH₵446.3 billion recorded in December 2022. This new debt figure represents a significant 72.5% of Gross Domestic Product (GDP).
The Bank of Ghana’s Summary of Economic and Financial Data for March 2024 reveals that the country’s year-to-date public debt level rose by GH₵163.7 billion, despite the successful completion of the domestic debt exchange.
In dollar terms, the total debt stock amounted to US$52.4 billion, primarily influenced by the depreciation of the local currency. Of this total, external debt accounted for GH₵350.3 billion (US$30.1 billion), while domestic debt stood at GH₵259.7 billion, representing 30.9% of GDP.
The external debt increased by GH₵109.4 billion, while domestic debt saw a marginal rise of GH₵54.3 billion.
Moreover, nominal GDP escalated from GH₵614.3 billion to GH₵841.6 billion, indicating a robust economic activity within the period.
