Ghana's Debt Soars to GH₵761.2bn: Each Citizen Owes GH₵22,076

As of July 2024, Ghana’s total debt has surged to GH₵761.2 billion, constituting 75.7% of the nation’s GDP.

This marks a significant increase from GH₵587.7 billion, or 70.3% of GDP, reported during the same time last year.

This information was detailed in the Bank of Ghana’s recent Summary of Economic and Financial Data, released in September 2024.

The report indicates that external debt rose to US$31.6 billion, up from US$30 billion a year earlier, making up 46.1% of GDP. Meanwhile, domestic debt stands at GH₵290.9 billion, which is 28.5% of GDP.

With Ghana’s current population in mind, this translates to an average debt of GH₵22,076 per citizen by the end of July 2024.

Ghana is currently under an International Monetary Fund (IMF) program aimed at securing a US$3 billion bailout to support its economic recovery. On July 1, 2024, the country received its third tranche of US$360 million following a successful performance review by the IMF, which noted that Ghana’s adherence to the program has been generally robust.

The IMF has initiated a third review of Ghana’s performance under the program, which is crucial for releasing additional funding. Dr. Ernest Addison, Governor of the Bank of Ghana, emphasized the importance of meeting the established benchmarks to avoid jeopardizing the review process, particularly as the year draws to a close. His remarks were made during a joint press conference with the Ministry of Finance and the IMF on July 2, 2024.